Community CU To Submit Final Vote TallyTo NCUA This Week

Register now

PLANO, Texas - (06/29/05) – Community Credit Union expectsto send its official vote results on its proposed conversion to abank charter to the NCUA by the end of this week, according to MarkHord, EVP-general counsel for the $1.4-billion CU. The official,McGladrey & Pullen-audited tally–71.5% for, 28.5% againstof a total of 36.042 votes–was only slightly different fromthe preliminary results released at the special meeting last week.The preliminary results showed 71% for and 29% against with 36,000votes counted at that time. “We have 10 calendar days to sendin our certified vote, and then I believe NCUA has 10 calendar daysto respond,” Hord explained. Though the agency has notreceived Community CU’s certified results, NCUA has alreadystated it will not validate the vote because of a discrepancy inCCU’s disclosures. “We continue to work with them onthat and see if we can reach a resolution that is agreeable to bothsides,” he commented. “We hope that we can.”Neighboring OmniAmerican CU is also looking to convert to a bankcharter, and though there has been no opposition group or verbalcontroversy over its conversion attempt, NCUA has said it will notvalidate that CU’s vote, either due to the same disclosurediscrepancy.

For reprint and licensing requests for this article, click here.