Another CU Takes Step To Amend Bylaws OnConversions

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GREENSBORO, N.C. - (08/25/05) Premier FCU's board has voted to amendits bylaws to require a majority of the membership vote onconversion to any non-credit union charter. News of the $68-millionCU's decision to insert a “poison pill” amendmentmaking it harder for the credit union to convert to a bank chartercomes on the heels of the announcement by Chocolate Bayou CommunityFCU, Alvin, Texas, which has moved to require any non-CU conversionbe initiated by a special meeting of the membership instead of bythe board or management. CBCFCU's bylaws amendment has already beenapproved by NCUA. Premier has sent its proposed bylaws amendment toNCUA for approval.

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