Members of Technology Credit Union voted to reject a proposal to convert their institution to a mutual bank.
Final tally: 4,136 for, 13,819 against changing to a bank.
Bank conversion rejected, dissident members now polling on Facebook about possible board recall effort.
Seventy-seven percent of voting members cast ballots to remain a credit union.
Argument is over whether the $1.6 billion Technology Credit Union should be forced to share member contact information with conversion opponents.
Results tabulation from member meeting and mail balloting conducted simultaneously then to be reported to NCUA.
Fifteen members of Technology Credit Union rallied Aug. 15 outside the credit union’s San Jose, Calif., headquarters to show their opposition to the credit union’s proposal to change to a mutual bank charter.
Fifteen members of the roughly 70,000-member Technology Credit Union rallied for two hours Wednesday outside the credit union's San Jose, Calif., headquarters.
Rally this afternoon in front of San Jose, Calif., headquarters.
Opinion letter from state regulators provides apparent authority for Technology Credit Union to pursue conversion to bank.