Community CU Members ApproveConversion

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RICHARDSON, Texas - (06/22/05) -- Community CU’s proposedconversion to a bank charter passed with a whopping 71% of votingmembers favoring the move, not including ballots that were returnedat the special meeting Tuesday night. But with approximately 36,000votes cast before the meeting ever started and only some 150 peoplein attendance–just a smattering of whom indicated theyhadn’t already voted–it was mathematically impossiblefor votes cast at the special meeting to affect the final outcome.The $1.4-billion credit union did give those in attendance ampleopportunity to comment, with most comments being critical of theconversion, but CCU chose not to follow Robert’s Rules ofOrder, which meant that motions for changes to the conversion planitself that an opposition group had hoped to make at the meeting,were not allowed. The result: plenty of impassioned talk, but noability to take any sort of action, beyond voting,. CCU ChairmanJohn McCarley told The Credit Union Journal the meeting went as heexpected it would. “We’re very appreciative of the voteof our members, and we are looking forward to submitting ourcertified vote tally to the NCUA,” he said. “We knewthat there were a number of members who were opposed to theconversion and that they would voice their opinions tonight.”Not including any votes cast at last night's meeting, only about21% of the 170,000 members voted on the issue.

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