CU Falls Short In Bid To Convert To ABank

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GRAND RAPIDS, Mich. - (12/17/04) Lake Michigan Credit Union will not beconverting to a mutual savings bank after failing to get thenecessary two-thirds super-majority of voting members it needed toconvert. The credit union announced this morning on its websitethat 60% of the members did vote in favor of the conversion.According to LMCU, a total of 35,322 valid votes were cast, and itwas 2,400 votes shy of the two-thirds super-majority voterequirement for approval. On its website, CEO Sandy Jelinskireleased a statement saying, “We are delighted that so manypeople weighed in on this vote and that the majority gave the nodfor approval. In any other election we would be celebrating alandslide victory. The members have spoken and we are listening! Asa credit union, we will look at ways to stay competitive in ourexisting business model. Member needs and the highest level offirst-rate customer service will continue to be ourpriorities.”

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