The members matter

I'm a one-man company and have done business with First Basin Credit Union for about 10 years.

I've been doing a lot of thinking about the issues surrounding the credit union, the attempt to convert to a bank and how some things just don't add up.

Take, for instance, the name change. Why throw away a perfectly good name, which has served the institution well in the past, for a completely different name? The board members never asked the members what their opinion was on changing the name of the credit union. They just did it. Doesn't add up, unless you are paving the road for a change where Medical Community Bank just wouldn't sound right. The board didn't tell members how much money it cost for the name change either.

How about the commercials after changing to First Basin Credit Union? They said something like, "Changing the color of banking." Doesn't add up. I thought we were a credit union.

Then, all of a sudden, the board decides that it's best for the members to convert to a bank. Did the board give us figures explaining in numbers why converting to bank would benefit us as members? Did it show how many dollars in business or home loans it has as a credit union as opposed to how many dollars in loans it would have available as a bank? Did they take time to call public meetings where members could come and ask questions and get solid, fact-based, honest answers? Did they explain in numbers how much more they could pay us in interest operating as a bank instead of a credit union? No, it didn't.

If they were truly doing something that would benefit members, they'd have the facts to back up their reasoning.

So then the board spends a ton of the members' money sending reams of letters saying that it can't grow as a credit union and could as a bank. But there was no business plan with current and speculative figures showing where we are now and where the projected change could take us.

It was just "vote for the conversion because the board is in favor of it." Now, to the best of my recollection, the board is in place to keep a watchful eye over the institution and be available to answer members' questions. Seems like if anything, board members were no where to be found. Members who tried to get board member contact information were told that wasn't available to them.

Now we get a notice in the mail stating that First Basin is having its annual meeting where "the nature and order of the business to be transacted will be as set forth in the bylaws." What does that mean? It means that the notice doesn't tell members that there are three seats on the board up for election by show of hands during this meeting. Why wouldn't the notice tell members about the election? Doesn't add up, unless, the directors whose seats are up for grabs don't want opposition members to attend where they could nominate someone to run against them and instill new leadership to watch over future board meetings for any funny business.

Perhaps maintaining a seat on this board would benefit current directors personally - like holding out for the possibility that within their next term the conversion will go through and set up the next step of going to a stock-issuing bank for a huge payout. Now, THAT adds up.

All this sneaking around, making decisions that affect members in secret, intentional omission of information, refusal to release the record of the conversion vote, creating a smoke screen by filing an intent for deposition to draw attention away from the matters-at-hand is ridiculous. This move is costing the members more money and is pathetic. It is intended to divert the energy of the opposition group toward mounting a defense instead of working to get the word out to First Basin members that an important election will be taking place and recruiting people to unseat current directors.

I could very easily move to a different credit union, but right is right and wrong is wrong. It adds up to it being the principle of the issue.

Members of First Basin Credit Union who are not satisfied with the performance of the current Board of Directors can attend the annual meeting at 7 p.m. today at the Odessa College Electronic Technology Building Room 130 and vote for someone who will be a better steward of the credit union.