Would-Be Convert Releases Info

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In what it called a commitment to proactive and open communication, DFCU Financial has begun offering members access to materials related to its attempt to convert to a mutual savings bank.

The notice to members appeared on the homepage of its website, www.dfcufinancial.com, and stated that the board of the $1.8-billion DFCU board has no intention of revisiting the conversion issue, but would make related materials available Aug. 1 through Sept. 29, 2006 to anyone who proves membership and agrees to sign a confidentiality agreement.

"While there is no legal obligation to provide disclosure or access under these circumstances, nevertheless DFCU Financial Federal Credit Union is committed to proactive and open communication with its membership,'' the notice states.

The offer came on the heels of a federal court hearing during which U.S. Court Judge Lawrence Zatkoff repeatedly asked an attorney representing DFCU and two board members why CU officials initially denied members' repeated requests to view the materials months ago.

Zatkoff's comments came during testimony at a preliminary hearing to determine whether the CU must provide all records related to DFCU's withdrawn application for conversion, hold a special meeting that members requested for the purpose of removing all nine board members, and refrain from using credit union money to campaign on behalf of the board members in question.

Members interested in viewing the materials must contact the CU and arrange to review them at DFCU's headquarters in Dearborn. (c) 2006 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com

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