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News Now

CU System
Members plan to offer candidates for First Basin board
ODESSA, Texas (2/29/08)--Members who opposed First Basin CU’s attempt to convert to a mutual savings bank are seeking information about the credit union’s next board election. “We have a couple of members who want to run,” said Letty Morales, who founded Save First Basin, the group opposing the conversion. First Basin hasn’t told the members yet when the elections are or how many seats will be available. Morales said members have sent the credit union two requests. “We’re at a standstill,” she said. “It’s kind of strange they haven’t gotten back to us.” First Basin suspended its Feb. 21 vote on the proposed charter change “for a number of reasons,” wrote CEO Shem Culpepper in a letter to members. He noted that “numerous false statements” have been circulating about the conversion, and that the board wants to retain its one-member, one-vote structure. The board also is evaluating whether it can reward members with a cash payment if it converts, he wrote.


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