Regulators Closely Monitor Lake MichiganCU Conversion Vote
GRAND RAPIDS, Mich. - (12/08/04) -- Representatives from NCUA andMichigan's Office of Financial and Insurance Services will be onhand here Wednesday night to monitor the special meeting of theLake Michigan CU membership, culminating the month-long vote onconverting the $1.1 billion credit union to mutual savings bank.NCUA will be charged with certifying the conversion vote, while thestate regulator will monitor the fairness of the ballot. "TheCommissioner's role is to determine that the conduct of theconversion vote was fair and lawful," Andy Schor, a spokesman forthe OFIS, told The Credit Union Journal. In order for theconversion to be approved two-thirds of the voting members mustvote in favor. The credit union mailed more than 80,000 ballots tomembers. A third-party CPA firm, Cindrich & Mahalak will haveup to seven days to count the ballots after the specialmeeting.