Michigan League Running Ads In ResponseTo CU’s Conversion Attempt

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GRAND RAPIDS, Mich. - (11/09/04)–The Michigan Credit Union Leagueis rolling out mass media advertising in this market, in additionto a website, aimed at members of Lake Michigan Credit Union, whichis seeking to convert to a mutual savings bank charter.“Credit union boards of directors and management can andshould advise the membership on this important matter–but themembership should make the decision by casting a well-informedvote,” said MCUL CEO David Adams. The $1-billion LakeMichigan CU is not affiliated with the league. Over the weekendMCUL ran full-page ads in the Grand Rapids Press headlined,“Before You Let Them Turn Your Credit Union Into A Bank, KnowWhat You’re Giving Up.” The ad then cites better rates,superior customer service, and credit union structure. “Afterweighing the pros and cons of a charter conversion, your decisionshould ultimately come down to what is best for you–ratherthan any potential benefit for officers, directors and futurestockholders.” To entice members to vote, LMCU is offeringevery member who fills out a ballot the chance to win a three-yearlease on a 2005 Cadillac CTS or SRX, or one of five $1,000prizes.

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