ODESSA, Texas — After months of tumult, members of the $115 million First Basin Credit Union said their CU has set a date of April 15th for this year's annual meeting.
At that meeting, members angered by the CU's attempted charter change could try to replace some of the CU's board members.
The Save First Basin members group which opposed the conversion attempt reported the meeting date and that the CU has not yet revealed the names of board members whose seats will be up for election. The credit union has yet to respond to calls to confirm the meeting date or who might be running.
Sources familiar with the credit union reported that First Basin used to have its entire board stand for election each year but that in 2007 the CU amended the bylaws to allow for biannual elections. The CU has not yet revealed which board members will stand for reelection on the 15th and the CEO, Shem Culpepper, has told members that the CU will have to consult with the Texas Credit Union Department to determine if it has to reveal the board candidates prior to the meeting where members can nominate candidates from the floor.
The members have asked to have a representative from the Department on hand for the meeting and to monitor the election. But the Department declined, citing the specialized experience required by election monitoring but offering to hear member's complaints if they believe the meeting or election has not been conducted according to the CU's bylaws.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.