OmniAmerican CU Must Wait

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SHERMAN, Texas - (08/18/05) – Wednesday’s ruling by aU.S. Magistrate in the Community CU case will not apply toOmniAmerican CU, at least not yet. That’s becauseNCUA’s has yet to render a final decision on OmniAmerican CUand is still waiting for more information on how OmniAmerican CUcrafted its member ballots/disclosures on the conversion. U.S.Magistrate Donald Bush indicated Wednesday he wanted to order thatOmniAmerican CU’s conversion ballot, a 76% vote, be certifiedby NCUA, as he did for Community CU, but said he will wait untilNCUA has rendered its decision on the OmniAmerican CU ballot. NCUAhas challenged the OmniAmerican CU vote on the same basis as theCommunity CU vote, that is the way the disclosures were presentedto members.

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