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ODESSA, Texas — According to their sworn statements, First Basin Credit Union leaders relied on nothing more than “internal analysis” when they recommended members convert their then $113 million CU into a mutual bank.

In documents sent to members prior to the CU’s August 2007 charter change application, credit union CEO Shem Culpepper and Board Chairman Annette Snowden argued the CU needed to make the charter change to grow in some specific ways.

“Would we be able to meet this need [to grow] as a credit union? To some degree, yes, but on a smaller scale and at a significantly slower pace than would be permitted as a mutual savings association,” the CU offered as a reason for changing charters. “In this regard, we believe the federal mutual savings association charter, which was created to promote home ownership and has more favorable capital requirements, particularly as they relate to real estate lending, is more appropriate for First Basin as we move forward,” First Basin added.

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