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Employee Support Enables Save First Basin to Retain Incumbent Board Members

ODESSA, Texas -- A strong turn out from employees of the $115 million First Basin Credit Union and their families and friends enabled the CU to retain three board members who could have been replaced by candidates supported by members displeased with the credit union's attempt to convert to a...

By David Morrison | Updated on April 16, 2008

ODESSA, Texas — A strong turn out from employees of the $115 million First Basin Credit Union and their families and friends enabled the CU to retain three board members who could have been replaced by candidates supported by members displeased with the credit union’s attempt to convert to a mutual bank, according to local press accounts and members who attended the meeting.

The credit union declined to identify the board members who could have been replaced until the meeting began and, in the end, revealed that CEO Shem Culpepper, Board Chairman Annette Snowden and board member Julian Beseril would stand for reelection.

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