Members at Lafayette FCU Promise Another Long Fight Over Bank Bid

KENSINGTON, Md. – Opponents of the bid to turn Lafayette FCU into a bank vowed to purse their effort to oust the board of directors, even if the $330 million credit union succeeds in the charter switch. “Even if it goes through they’re not going to see any of that money,” Scott Steins, a Lafayette member, told The Credit Union Journal of an ongoing petition drive to recall the board. Lafayette said Wednesday members had voted in favor of the conversion to mutual savings bank and they had submitted the vote count to NCUA for certification. But Steins said they will continue to press their case for a special meeting where members will be asked to vote on a recall of the board for their support of the conversion to bank. He said they are about 80% of the way to collecting the 750 member signatures they need to activate a Lafayette bylaw that requires the Board to call a special meeting. Lafayette Chairman Arnold Rosenthal and President Michael Hearne told a handful of members attending last Saturday’s special meeting to finalize the conversion vote they plan sell stock to about 45% of the savings bank to raise capital.