BREMERTON, Wash. — It was a stunning and puzzling member defeat two years ago, but now after months of well-orchestrated campaigning the $600 million Kitsap Community Federal Credit Union is set to switch to a state charter at month's end enabling geographic expansion.
Approval of the charter conversion deemed by management as vital to take advantage of the state's favorable field of membership climate came in a special membership vote Sept. 28 with final regulatory clearance due Nov. 30.
"Thank you again for participating in the democratic process of credit unions by casting your vote on our charter conversion initiative," wrote Elliot Gregg, president/CEO in the CU's November newsletter in citing the favorable 72% balloting by 11,856 members.
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"I cannot stress enough the importance of members taking ownership of the future of their credit union through participation in the election process," said Gregg.
In 2005, members apparently wary of new taxes and rattled by the mutual conversion attempts at Columbia CU in downstate Vancouver rejected the charter switch by a slim margin. In attempting to reverse that vote, Kitsap management mounted an aggressive campaign, hiring a Tacoma PR firm, utilizing employee "ambassadors" and holding coffee klatches as it aggressively sought to sway members on the value of a conversion to allow FOM expansion into neighboring counties.
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