Petition Filed Over First Basin Credit Union

By Wyatt Goolsby
NewsWest 9

ODESSA - The fight continues First Basin Credit Union's proposed conversion into a bank. That's after several members filed a petition Monday to find out the truth from board members. Members of Save First Basin say they're also trying to promote a big meeting on Tuesday that could change the entire situation.

No lawsuit has been filed on either side of this argument about First Basin Credit Union.  But some members Monday filed a petition to depose the C-E-O and Chairman. And in Monday's press conference, they said, if they can get some straight talk from administrators, it will sort out this whole mess.

"We want this to stop. We want our Credit Union back, and we want it reimbursed for those expenses," said Danny Armstrong during Monday's meeting.

$500,000 dollars. That's about how much money members of Save First Basin said some board members have wasted through last months' voting and then recall over a conversion to a bank. But the petition against some members has also raised eyebrows.

"To me it's an abuse of power that is a large corporation is trying to quash three folks who have a different opinion as to what's in the best interest of their Credit Union," said Cal Hendrick, with Shafer, Davis, O'Leary & Stoker, now representing a few First Basin members.

First Basin Members recently got a letter from administrators telling them about their annual meeting Tuesday. But some members said it left out one big point: Electing some new board members.

"They chose not to send members mail ballots. They chose not to tell members about this election. They refuse to tell members which directors are up for reelection," said Armstrong.

And for many, they just want everyone to be open and honest about their Credit Union.

"The complaint really is why did the Credit Union Board of Directors share information about upcoming meetings with its members? That's the complaint, hide the information, not be in full and open discourse about goings on, that's the real complaint," explained Hendrick.

No Representative from the CEO or other board members attended Monday's Press Conference. Back in January, CEO Stem Culpepper told NewsWest 9 there is no intention of hiding anything from members of First Basin. They say they're trying to do what's best for all their members.

Tuesday, April 15 Meeting for all First Basin Members will be at Odessa College Technology Building, Room 130 at 201 West University at 7pm.