A time for action

Members of First Basin Credit Union need to ask themselves this question: "How much of your money will you allow the elected board of directors to waste?"

At the annual meeting Tuesday, we have the opportunity to elect new leadership for our credit union. Many members, including myself, are troubled that our elected leaders have spent over half a million dollars of member-owned funds proposing that we convert to a bank - a move without clear benefit to us, but which could create the opportunity for hundreds of thousands of dollars in insider gain.

I am troubled that our credit union leadership has not even informed members that an election will take place. Instead, they sent a postcard with the phrase: "The nature and order of the business to be transacted will be as set forth in the bylaws." Why did the elected leaders not tell us an election is taking place? Why did they choose not send us all mail ballots?

Why have they refused to even tell members which directors are up for re-election?

I think its time to elect new leadership.

First Basin Credit Union is in fact a strong, wholesome, good and viable institution even under the current leadership and management. It seems to be remarkably resilient.

It is one of the three largest in the entire Permian Basin and has held this position for more than a decade.

It has prospered from our local economy and money on deposit from faithful members. Our credit union has more than $125 million in net worth!

Those are members' dollars, not the just for the Board of Directors. Members also are an owner in this credit union. That is why they have the power to vote.

Another question worth asking: "What motivated the board at FBCU to attempt a rare conversion from a nontaxed, nonprofit credit union to a taxable and ‘for profit' institution?"

Members also may have heard from Save First Basin. (SaveFirstBasin.com is a good source of information for those who have not had a chance for independent study.) It is time for members to decide if they want to allow this board to continue as stewards of their money.

Will they make another stab at their conversion attempt once they have finished beating up on Letty Moreno because she was vocal in her opposition to their defeated proposal?

If members want their money managed responsibly, I encourage them to come to the annual meeting and vote. The meeting will be held at 7 p.m. Tuesday at the Odessa College Technology Building, Room 130.

Danny Armstrong
Midland