ODESSA, Texas — It has become axiomatic that credit unions attempting a charter change to a mutual bank and fail often fall into periods of fighting and controversy.
That appears to be what is taking place at the $115 million First Basin Credit Union, which suspended balloting on a charter change proposal and withdrew its application from the Office of Thrift Supervision.
Members of First Basin Credit Union who opposed the conversion are continuing to press the CU to hold its annual meeting where they could vote for new board candidates. The members said the CU generally holds its annual meeting in March but that it has not set a meeting date for this month. The credit union has not yet confirmed this.
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