ODESSA, Texas — After a long and controversial lead up to the First Basin Credit Union annual meeting, members opposed to the attempted conversion to a mutual bank failed to unseat three board members who had supported the conversion.
The $115 million credit union filed an application to become a mutual bank and then suspended the balloting in February before it was complete, alleging that opponents of the move had been lying to other members about the proposed conversion. The credit union then delayed announcing the date of its annual meeting where some board members were up for re-election. The CU in a legal action has sought to depose the members who helped organize the opposition group, Save First Basin.
Those depositions have been scheduled for April 22.
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