Members Will Wait For Results Of BiggestCU Vote

Register now

GRAND RAPIDS, Mich. - (12/07/04) -- Hundreds of Lake Michigan CU memberswill gather for a special meeting Wednesday in the culmination of a30-day ballot whether the $1.1 billion credit union should convertto mutual savings but they're going to have to wait for days beforethey know the results of the controversial vote, sources involvedin the process told The Credit Union Journal Monday. The creditunion, created from the combination of four smaller institutionsthree years ago, has mailed more than 80,000 ballots and it couldto take a week or more to count those that are returned in what isexpected to be the largest credit union vote ever. If membersapprove the conversion, the mutual thrift-to-be will file within 15days of becoming a bank to raise up to $70 million with an initialpublic offering.

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