DFCU Chairman Issues Statement

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The chairman of DFCU Financial Credit Union, who is the subject of a recall effort by members upset over the credit union's attempt to become a bank, has issued a statement saying he and other board members are "insulted" by suggestions the motivation for the conversion was insider enrichment.

Chairman Harold Lowman said in a letter published on a website created by the credit union, www.savedfcu.com: "There are some members that want myself and the rest of this board ousted, because they believe we have tried to cheat them or line our pockets with money. That is an insult to myself and any other board member that has volunteered his or her time over years of service to make our credit union one of the best in the U.S."

Lowman said the board wanted to provide members with choice in DFCU Financial's future and agreed to allow members the "opportunity to choose a charter change, IF you voted to do so."

If the board is at fault at all, he said, it was because the methods used to inform members of the options were not clear enough, concise enough or fast enough to allow for a full understanding. "It is because of these shortfalls that we also agreed to stop that voting process (on the conversion proposal) and return to our normal business," Loman said.

Other officers of the credit union are: Robert Chapman, vice chair; J. Paul Conway, secretary; and Thomas France, financial officer. Five others on the board are: Shane Bumgarner, Mark B. Lewis, Suzanne M. Smulsky, Len Tedesco, and Laura Terzes.

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