Another Member writes to the OA after April 15th Meeting: I have Lost Faith in FBCU Leadership (4-26-08)

5/12/2008 2:09:17 PM

Time for a credit union to move on
April 26, 2008 - 7:56PM
BY: Linda Shortes - Odessa

Re: The annual meeting of the First Basin Community Credit Union.

I must say this, if I had not lost faith in the direction and leadership of our credit union board of directors and CEO before that meeting, it was certainly lost by the time I left.

It was far from being a democratic process and more on the side of being orchestrated by Shem Culpepper and his employees.
Yes, there were people who were fed up with Culpepper's hour-long diatribe and accusations implying those who oppose the board's plan to convert were lying, devious, uninformed or misinformed.

The members had heard it all before through costly mailouts, recorded phone messages and mouth-to-mouth from members.
We did not come to hash over a moot subject nor did we want to hear him justify the board's recent actions.

Not all of us there were members of the "Save First Basin," nor did we support the actions of our board of directors. But we do believe that we were held captive for an hour and forced to listen to something that we had already heard just to give Culpepper and the board an extra chance to smear opponents and then deny them a chance to respond.

I was further shocked at people yelling out of order against what Shem was saying, but they were quickly called to order. But those in support of his speech applauded and squealed like banshees and were allow to continue in their disorderly conduct.

The louder these employees and their families screeched, the more animated Shem became. Why at one point he took on the persona of an old-time Gospel evangelist. I could almost hear the heavenly choirs sing! My God I thought ... the whole room is going to convert!

It would have been comical if it had not been so blatantly orchestrated and manipulated by Culpepper and his coworkers.

Several members learned for the first time, myself included, that if you have a spouse on an account with you, only the primary account holder gets to vote. The explanation of why made sense to me. But I was appalled that when asked about this, when we were told, "Oh, you can each get a vote by separating your accounts and opening your own." A little too late to be sharing that information, don't you think?

Now, I wonder how many of the credit union employees/members and their families did exactly that before the meeting? How many of those 300-plus votes were ascertained by exactly that method, a method they somehow failed to pass on to the rest of the members.

No sir, that vote does not reflect that the board has more support than anyone in the community thought. Nor does it show that a small radical group was able to manipulate a lot of people, unless that small radical group is the employees and the board.

It spoke volumes of just how manipulative and unethical some people can be and they will do anything to remain in control so our credit union can be turned into a money-making machine for big business.

The fact that the credit union management sent out notices announcing the meeting to some, but not all members was devious and manipulative. I did not receive one and I have been a member since 2004.

I was opposed to the conversion, not because of influence from the small radical group as was claimed, but because credit unions have always been my vehicle for financial business since the 1970s and because they are member-oriented. I no longer feel that First Basin is a member-oriented credit union especially after that meeting.

I listened to what Culpepper had to say, and I wonder if anyone else heard what I heard? They couldn't have; they were too busy squealing.

We were repeatedly informed the credit union was almost at the limit or passing the legal level of commercial loans. Again, I thought a credit union is for the benefit of the individual members. It was started by and for the employees of the medical community and the county.

Who cares if we can't continue making loans that will support companies? The credit union is for the individual members/employees of the different entities that make up that credit union, to allow them easier access to loans and financing - NOT keep companies in business.

Does it really matter in the long run that the National Center for Member Trust is behind Save First Basin and is under investigation. Does it matter that it has waged lawsuits in the past? I don't know if Save First Basin got its information solely from National Center for Member Trust, nor do I care.

What Culpepper and the rest of the board seem to be missing is that a lot of members did not want to convert. How they researched and how they gathered their information to fight against the agenda has no bearing on the fact that the members of a credit union wanted to remain a credit union not a bank.

My fear is that after experiencing the meticulously orchestrated control of that meeting, that management's agenda to convert has not been put to rest.
Calling members who wish to remain a credit union a small radical group manipulating others is shameful, especially when to change from a credit union to a banking system is just as radical and those methods just as manipulating.

Furthermore, what company in their right mind allows a board member to also be the CEO? Is that asking for trouble?

Well, you usually get what you vote for. Members voted for this mess and I hope it ends well for them.

For myself, I will be shopping for a real credit union that understands the purpose for its existence.

Linda Shortes
Odessa

Read it here on the Odessa American website