KENSINGTON, Md. — The case that the now $295 million Lafayette Credit Union has pressed against former CEO William Brooks and his son, William Brooks Junior, continues and has cast a wide net.

According to papers filed with the court, Lafayette is seeking to subpoena some of its members who opposed its attempted conversion to a mutual bank, along with Jim Blaine, CEO of the $13 billion State Employees' Credit Union in Raleigh, N.C., in his capacity as a leader of the National Center For Member Trust; Michael Beall, CEO of the Maryland and D.C. Credit Union Association; noted credit union attorney Steven Bisker and, most recently, this publication and its reporter David Morrison.

The suit continues as the credit union continues to lose members at an annualized rate of over 20% per year and has seen a loss in asset size of over $36 million since June of last year, according to NCUA records.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.