DFCU Members Denied Access To ConversionRecords

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DEARBORN, Mich. - (04/06/06)–Despite being represented bylegal counsel, DFCU Owners United, a group opposing the bid by DFCUCredit Union to convert to a bank, said it has been denied accessto inspect certain records as part of its own due diligence and to"ensure that (the conversion is) not based on the personalinterests of the directors, officials and employees of the creditunion." Spokesperson Linda Malec said three members of DFCU Unitedwere given only a limited inspection of board meeting minutes wherethe conversion was discussed and no access to any supportingdocuments, PowerPoint presentations or studies. The credit unionhas declined to comment. Meanwhile, as reported first by The CreditUnion Journal, DFCU Owners United has formally announced it iscollecting member signatures to request a Special Meeting of DFCUFinancial’s membership at which it will seek the removal ofthe board of directors “If we are successful in removing thecurrent board directors, we hope that new board members will beelected who will restore the credit union culture and philosophy ofpeople helping people," said Malec.

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