Community CU To Submit Final Vote TallyTo NCUA This Week
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 tally71.5% for, 28.5% againstof a total of 36.042 voteswas 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 CUs certified results, NCUA has alreadystated it will not validate the vote because of a discrepancy inCCUs 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 CUs vote, either due to the same disclosurediscrepancy.