Battle Re-Heats Over ErstwhileCU-Convert

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VANCOUVER, Wa. - (07/05/06) – The three-year-old struggle forcontrol of failed credit union-convert Columbia CU is boiling overagain, just as members of the $720 million credit union prepare tovote for the balance of the board of directors and supervisorycommittee at next month’s annual meeting. Three members ofthe credit union’s nine-person board filed suit this weekagainst their own credit union claiming they are being shut out ofmeetings and denied access to records, in violation of state law.The suit was filed by three members of Save Columbia CU, a membersgroup that was formed to defeat the ill-fated 2003 conversion tomutual savings bank by Columbia CU. The suit was filed as thecredit union prepares for its annual meeting where three members ofthe panel will be elected. Though Save Columbia CU has won controlof the board since the failed conversion, three members of thegroup elected to the board have renounced the group, leaving thepanel splintered.

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