In September, members of Technology Credit Union voted resoundingly to reject a proposal to convert their institution to a mutual bank.
According to a member of the San Jose, Calif., $1.6 billion credit union, nearly 18,000 members voted in the balloting, with approximately 4,000 voting in favor of the proposal to become a mutual bank and 14,000 voting against. The credit union has about 70,000 total members.
"Obviously, we are thrilled with the outcome and the size of the victory," said Carlos Rodriquez, the Technology member who kicked off the movement questioning the conversion proposal with a Facebook page and helped organize a Save TCU member group along with another longtime member, Robert Marinace.
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