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CU System
First Basin members group disappointed in lawsuit plans
ODESSA, Texas (3/13/08)--Members of a group that opposed the now-withdrawn attempt by First Basin CU to convert to a mutual savings bank expressed disappointment in learning the credit union may sue the group's founders. Members of the opposition group, Save First Basin, say the management of the Odessa, Texas-based credit union announced Tuesday it would sue three members, including Letty Moreno, a co-founder of the group. Moreno is a former vice president at the $114 million credit union. The group has "done nothing wrong. We have simply stood up for what is right and told the truth," said Moreno in a press release from the group. The group had been vocal in pressing for details about the election results on the proposed conversion. The credit union cancelled a scheduled membership vote on the proposal earlier this year. And on March 4 CEO Shem Culpepper announced the credit union was withdrawing the conversion proposal. Now Save First Basin is planning to field a slate of candidates in the next board election. Danny Armstrong, a member of the credit union for 17 years, said he was "disappointed" in hearing the news of a potential lawsuit. "They have spent at least half a million dollars of [the credit union's money] for something that would benefit themselves, not the members." Anna Vera, a member for 10 years, said the credit union "should not be attacking members because their bank plan was rejected."


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