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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.

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