Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ODESSA, Texas — Another credit union that tried to convert to a mutual bank charter and then withdrew its application appears poised to sue members who opposed that move and helped organize other members to oppose it.

The $115 million First Basin Credit Union has obtained a court order allowing it to depose three members who opposed the conversion and helped organize the members’ group Save First Basin on the grounds that they may have slandered the credit union’s leadership in their opposition. First Basin first suspended its charter change application in February before the end of the voting period and then withdrew it. It did so because it alleged that members were being lied to about the conversion attempt.

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

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com 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 Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.