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News Now

CU System
First Basin incumbents re-elected to board
ODESSA, Texas (4/17/08)--Three incumbent board members of First Basin CU, Odessa, Texas, were re-elected to their positions during a meeting Tuesday night. Board Chairman Annette Snowden, Board Member Justin Beseril and CEO Shem Culpepper retained their spots on the board. About 400 people were present at the meeting (CBS 7 April 15). A large portion of attendees were First Basin CU employees, member Danny Armstrong, who ran for a position on the board, told News Now. Armstrong received 80 votes. “I felt that [First Basin] had 100% of their employees in attendance,” he said. “Most employees had someone in tow with them, such as a spouse.” Armstrong is a member of Save First Basin, a group formed by some members who opposed First Basin’s proposal to convert to a bank earlier this year. He noted that he wasn’t aware Culpepper was a board member. “I almost fell over,” he said. Culpepper also gave an hour-long speech criticizing the activities of Save First Basin, Armstrong said. Members of Save First Basin did not know the names of candidates running for re-election prior to the meeting, Armstrong said. Save First Basin had contacted the credit union for the names, but First Basin did not release the information. First Basin attempted to convert to a mutual savings bank last month but suspended its vote on the merger. At that time, Culpepper said that “numerous false statements” were circulated about the merger (News Now Feb. 18). Save First Basin also filed for a deposition this week from Culpepper and Snowdon regarding the proposed merger (News Now April 15). Earlier the credit union had filed a motion for depositions from Save First Basin members. A call to First Basin from News Now was not returned by press time.


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