Members of Lafayette Federal Credit Union in Kensington, Md., angry over a decision to convert the credit union to a mutual savings bank, are circulating a petition aimed at ousting the nine-member board.
Though similar recall efforts at two other would-be converts have failed in recent years, they scared the directors enough to reverse course and withdraw their conversion plans.
"We're hoping that we're going to block the conversion as well," said Adam Schwartz, a credit union member who was collecting petition signatures.
The $320 million-asset Lafayette announced plans in June to convert to a thrift.
The petition calls for the credit union to hold a special shareholder meeting at which members would vote on whether to retain the board. The credit union's bylaws require members to collect 750 signatures to force a special meeting.
