Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

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ODESSA, Texas (3/13/08)--Members of a group that opposed the now-withdrawn attempt by First Basin CU to convert to a mutual savings bank expressed disappointment in learning the credit union may sue the group's founders.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."


RSS





print
News Now LiveWire
.@NACHAOnline report: ACH volume increases to 23B payments in 2014 http://t.co/va2WYMh4Zv
22 hours ago
.@CUNA's @HampelBill in @washingtonpost on options for wary mortgage borrowers: http://t.co/CPSgTNgwmm
1 day ago
Housing starts thaw, mortgage rates stand pat #Market #NewsNow http://t.co/hhPj5v5AH3
1 day ago
.@CUNA files #RBC2 comment, urges #CU system to be heard #NewsNow http://t.co/yfoZHAMlZc
1 day ago
#NewsNow Youth Month attracts 100,000th member for Mich. CU http://t.co/cgF5o83XlK
1 day ago