Members opposed to the proposed conversion of the 69,000-memberTechnology Credit Union from a credit union to bank charterhave formed a group to better organize their efforts.

Carlos Rodriguez, a member who has already launched a page onFacebook to publicize his opposition to the conversion and buildsupport for its defeat, revealed the existence of the group, dubbedSave TCU, in a letter to other Technology Credit Union members thatNCUA regulations say the San Jose, Calif., credit union will haveto email to other members who are eligible to vote on theconversion.

Rodriquez said he and another member, Robert Marinace, working independently, launched differentaspects of the group but then consolidated their efforts on July14. The group now has fewer than 10 members, but has been growingsteadily as word spreads, Rodriguez explained.

“Over the course of the last 50-plus years, Tech CU has become a$1.6 billion institution and has attained a 9.99% net worth ratio,”Rodriguez wrote in the letter. “These numbers are good, reallygood, but the current Executive Team (all former bankers) and Boardof Directors can't take full credit for this. It's taken over fivedecades to get us where we are.

“Nonetheless, Tech CU's officers and the Board want to take ourmoney, the money that members have saved and borrowed since 1960,and use it to build a bank. Building a bank from scratch is hard.Building a bank with a $1.6 billion head start is much easier,” theletter said.

“If the conversion passes, the bankers already have stated thatthere would be a peer compensation review. Additionally, since over80% of credit unions that convert to mutual savings bankseventually issue stock, the officers and directors would profit by obtaining stock inexcess of that available to other credit union members.”

Tech CU officials have not responded to requests for comment onthe efforts to oppose its conversion plans.