First Basin to Remain a Credit Union

ODESSA - First Basin Credit Union is dropping its bid to become a full-service bank. First Basin's Board of Directors made that announcement Tuesday afternoon.

First Basin says they made the decision after concerns surfaced about false and misleading information being distributed during recent voting on the conversion. First Basin members had to approve the change to a bank.

A very vocal group, Save First Basin, has been campaigning against the conversion. Save First Basin even held demonstrations outside credit union locations. Save First Basin said the conversion to a bank would cost members more money and take away their voting rights.

First Basin has said all along that becoming a bank would allow the organization to serve more West Texans and issue more loans to customers.

"Our first priority is, and always will be, to First Basin and its members," said Annette Snowden, Chairman of the First Basin Board of Directors. "We look forward to returning First Basin to its normal business operations."