DFCU Financial Campaigns To RescueDirectors

Register now

DEARBORN, Mich. - (04/25/06) – Erstwhile credit union convertDFCU Financial began an effort Monday to save the nine members ofits board of directors who are targeted by irate members for recallbecause of their bid to turn the credit union into a savings bank.The credit union launched its own website at savedfcucu.com withdire prediction, like “by attempting to remove the Board,your money could be in jeopardy,” Thousands of flyers werealso being handed out at DFCU branches proclaiming, “Protectyour money, Save your credit union–Vote NO! NOChange–NO Recall.” The campaign material includesallegations that the members' want to "have branches only inDearborn," or "want to eliminate Investment Services." The rarecredit union campaign comes a week after more than 1,700 memberspetitioned the board for a special meeting where members will votewhether to recall the directors over their vote to convert thecredit union giant to a bank. Under the $1.8 billion creditunion’s bylaws, the board must call a special meeting within30 days of receiving a petition from at least 500 members seekingsuch a meeting. Leaders of DFCU Members United, the grouporganizing the recall, said they haven’t been notifiedwhether the board will proceed with the special meeting. “Wehaven’t heard anything from them yet,” Linda Malec,former chairman of the DFCU board and one of the group's leaders,told The Credit Union Journal Monday. DFCU officials did not returna phone call seeking comment.

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