ODESSA, Texas -- At long last, the $115 million First Basin Credit Union has announced that it will hold its annual meeting.

The credit union has faced waves of controversy since it suspended balloting and then withdrew an application to convert to a mutual savings bank charter earlier this year.

At the time, the CU blamed members opposed to the conversion--some of whom had organized into a group called Save First Basin--for spreading misinformation about the conversion and making phone calls to members in which they lied about what would happen if the members voted for the conversion.

The CU has also announced that under a provision of Texas law, it had received a court order to depose some of the organizers of Save First Basin about the alleged activities.

For their part, Save First Basin has denied the charges but publicly questioned the conversion as well as helped members better understand what was at stake.

One ongoing point of contention was scheduling the annual meeting, which First Basin members maintained had to be held in March but the CU had not set a date. The meeting was crucial because unhappy CU members wanted the chance to replace board members who had voted for the conversion.

Now, Save First Basin members reported the meeting is set for April 15 but 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, in 2007, the CU amended the bylaws to allow for biannual elections. 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 annual meeting and to monitor the election. The department declined, citing the specialized experience required by election monitoring but offering to hear member complaints if they believe the meeting or election has not been conducted according to the CU's bylaws.

"While the department declines to send an examiner to observe the proceedings of the upcoming meeting, the department will continue to monitor the situation and will take appropriate action should it be determined necessary," wrote Harold Feeney, commissioner of the Texas Credit Union Department to First Basin members on April 8. "Certainly if the election is not conducted in a manner consistent with the procedures set out in the bylaws, members are entitled to file a complaint with the department. The department will investigate if it appears that the election process was compromised by the failure to comply with the bylaws."

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