ODESSA, Texas – First Basin CU, which last month terminated its 90-day balloting on converting to a mutual savings bank, made it official yesterday and ended its bid to switch to a bank.
The $112 million credit union told members it is withdrawing its application submitted to thrift regulators for a mutual savings bank charter.
Credit union officials said they suspended the vote, just days before the process was scheduled to culminate in a special meeting of the members, because they believe members were receiving phone calls making false accusations that they would lose their deposits if the bank conversion went through.
Officials of First basin did not return phone calls from the Credit Union Journal last night.
Meanwhile, a members group opposed to the conversion said it will petition members to recall the board for its support of the conversion.
First Basin is the fourth credit union to withdraw its application amid member opposition after beginning a vote to convert to mutual savings bank.
