ODESSA, Texas. -- Members of the $115 million First Basin Credit Union who opposed the CU's recent attempt to change its charter to that of a mutual bank have begun to organize other members to replace board members.
"We are seeking information from the credit union about the nomination process and how we would be able to get our own candidates," explained Letty Moreno, one of the members who opposed the conversion and who founded the Save First Basin members group. "We have members who want to run for the board and who would make good board members."
The group announced its intention after they said First Basin leadership refused to open a recent staff meeting held in the wake of the election attempt to members and steadily refused to release the results of the balloting at the time the CU suspended its charter change attempt.
"It seems reasonable to conclude that you and the board were unhappy with the results of the election, and preferred to cancel the vote rather than allow the will of the membership to be known," the members wrote First Basin CEO Shem Culpepper on Feb. 19.
The members claim Culpepper responded with a letter that read, in part, "confidential information is not subject to member inspection."
The members have not yet made the full text of Culpepper's letter available and the CU has yet to comment on the group's objections to its actions.
"That is not an acceptable response," said Armando Rodriguez. "After spending at least half a million dollars of the credit union's money and asking us all to vote, they owe it to all members to release the vote count and tell us how much of the credit union's money they spent. Why would they withhold this information if they believe they have acted in the members' best interests?"
The members said they have had enough.
"They have mismanaged our credit union's funds to push a proposal which may provide opportunity for insider gain," said Moreno. "They have shut down one election, but say they will try again. Well the members aren't going to let that happen."