This is one of the more complex business transformations out there. It's very intense as far as the procedures, transfers and ownership changes that are involved in something like this. It is a legal structure change, as the company has stated, but that's only a small part of what the total implications are and members need to know that before they vote.
That's a grave over-simplification of a very complex issue. The bottom line should be what's in it for the members. Personally, I'm not aware of any benefits.
Our members may not be able to do a balance sheet, but they understand the fundamentals. They are proud of our credit union and they want the best benefits and services to continue that they've enjoyed for 56 years.
The whole process of applying to convert from a not-for-profit credit union to a for-profit mutual savings bank appears to have been flawed. The responsibility rests clearly on the shoulders of the board of directors.
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