First Basin fight

The day before the annual members' meeting for First Basin Credit Union, the continuing fight within the institution took another step.

In March, Shem Culpepper, First Basin chief executive officer, filed a petition seeking depositions from three members of Save First Basin, an organization formed to oppose the credit union's proposed conversion to a mutual savings bank.

But Monday, a petition was filed in Judge Stacy Trotter's 244th district court on behalf of Save First Basin members Carol Uranga, Letty Ayala-Moreno and Sylvia Acosta seeking depositions from Culpepper and Annette Snowden, First Basin board chairwoman.

The petition, filed by Save First Basin attorney Cal Hendrick, said it seeks testimony about whether Culpepper and Snowden defamed the three Save First Basin members and breached fiduciary duty by spending hundreds of thousands of dollars on attorneys in preparation for the conversion vote.

Hendrick also filed an objection to attempts to depose Uranga, Moreno and Acosta.

"They're not doing it to investigate a claim," he said at a Monday news conference. "They're doing it to harass my clients."

Hendrick's petition said that among the statements in question are claims by Culpepper that Save First Basin members are "puppets" for the North Carolina-based National Center for Member Trust and that its leaders were engaged in a "scaremongering stew of lies."

"At best the statements are derogatory," the petition said, "and, at worst, they are actionable."

Hendrick said it's no coincidence both sides are filing action so close to the annual meeting.

"If we're gonna be investigating, let's investigate everybody," he said.

Efforts to reach Culpepper were not successful Monday evening.

Meanwhile, Moreno said Monday that Save First Basin plans to nominate three members for director positions at tonight's meetings: Danny Armstrong, Mario Contreras and Tom McKelvey.

"They will represent the members on what they want and not what will be beneficial to them," she said.

Save First Basin has been seeking a turnover in the board since the credit union withdrew its proposed conversion to a savings bank last month. Culpepper blamed the end of the conversion attempt on "misinformation" from opposition, while Save First Basin claimed it was because the credit union didn't like the way member voting was going on the issue.

While Culpepper has said First Basin has doubled its value in the last four years, Armstrong said it did well in the Permian Basin long before Culpepper took the reigns.

"It has been successful for decades," he said. "I think it needs to remain that."

First Basin annual members meeting

>> When: 7 p.m. tonight.

>> Where: Odessa College Electronic Technology Building, Room 130.

>> What will happen: Three of seven positions on First Basin's board of directors are up for vote.