LAS VEGAS – Though their names were called out from the podium for introductions, there were two noteworthy no-show directors at CO-OP Network's annual meeting and conference here May 25.

The two were: Mark Shobe, president/CEO of DFCU Financial, Dearborn, Mich. who has been at the center of the conversion controversy, and Armando Cavazos, the departed president/CEO of Credit Union One in Ferndale, Mich. Even though CO-OP officials went ahead with introduction formalities, it was known ahead of time that neither would appear at the meeting or attend a regular board meeting on May 27. Shobe “had sent his regrets,” said James A. Hanisch, executive vice president-corporate development. And for Cavazos, CO-OP had been told in advance “that he would not be attending.” The topic of conversions did surface several times during the CO-OP conference and at one point there was scattered audience applause when mention was made in speeches by Stan Hollen, CO-OP president/CEO, and David Maus, its chairman, that network policy bars membership to CUs which convert to stock institutions. It had also been mentioned during the meeting that had DFCU successfully converted to a mutual savings bank, it could still continue in the network, but would not have voting rights. -

[email protected]