Columbia CU Dissident Group Wins BoardMajority

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VANCOUVER, Wash. - (07/01/05) The dissident group of members whoopposed the attempted conversion to bank charter by Columbia CreditUnion here have succeeded in taking control of the board ofdirectors. At its June 29 annual meeting, ballots showed that thecandidates who had been active in the dissident group, Save CCU,were elected to the four open positions on the board and the twoopen positions on the supervisory committee. At the 2004 annualmeeting, Save CCU candidates also won the four open board seats andthree open supervisory committee seats. During the 2005 annualmeeting, the board treasurer shared with members that $1.2 millionhad been spent by the credit union on the conversion attempt. DavidDoss, the former CEO who had attempted to engineer the conversionto a bank, exited the credit union in January of this year tobecome CEO at Arizona State Savings CU. Former Washington Stateregulator Parker Cann has been named as the new CEO.

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