ODESSA, Texas — The $113.6 million First Basin Credit Union is going to remain a credit union, at least for now. The credit union has announced to its members that it has decided to “suspend' the application to convert to a bank charter.

In a letter to members the CU alleged that some members have been receiving calls telling them that they would lose money on deposit if they didn't vote against the conversion, but Letty Moreno, one of the women who organized the SaveFirst Basin members group, doubted the assertion.

“We didn't call anybody,” Moreno said. “They were calling members urging them to vote for the conversion. We didn't even have anyone's address, much less their phone numbers.”

Significantly, First Basin said it would consider whether or not to apply again for conversion, this time perhaps with a return of member equity built into the transaction.

“The Board wants to evaluate whether it can reward members for First Basin's recent success by returning a portion of whether it can reward members for First Basin's recent success by returning a portion of First Basin's net worth to you,” the CU wrote.