OmniAmerican CU Members OverwhelminglyApprove Charter Conversion
FORTH WORTH, Texas - (07/12/05) -- Fewer than 20 members showed up atMonday's special membership meeting for OmniAmerican CU where thecredit union giant announced that 76% of voting members approvedthe conversion to mutual savings bank--the largest plurality everfor a conversion vote. But the vote is almost certain to beinvalidated by NCUA which has notified the $1.2 billion creditunion that its mail ballot violated the agency's rules because ofthe way so-called boxed disclosures were presented to members inthe balloting. NCUA notified Community CU, another Texas creditunion giant, Monday it was invalidating last month's conversionvote for the same reason. OmniAmerican CU said more than 21,700, or23%, of its 98,000 members voted during the 90-day charterreferendum, which culminated in Monday's special meeting at theArlington Convention Center, adjacent to the Texas Rangers' majorleague baseball stadium.