DEARBORN, Mich. — (2-15-2007) The $1.8 billion DFCU Financial, headquartered in Michigan, saw over 26,000 members participate in a board election that returned three incumbent board members, one of whom voted to try to convert the credit union to a mutual bank in 2005.
Returned to their seats for three-year terms were J. Paul Conway, the board member who voted in favor of the conversion, as well as Jim Cowper and Keith Moss, who were appointed to the board in 2006.
The credit union withdrew its attempt in face of persistent member opposition in 2006. It also refused to hold a special meeting at which some or all of the board members could have been recalled. Since then it has taken steps, including issuing an extraordinarily large patronage dividend, which some members considered an attempt to win board support.
"The overwhelming election results clearly display our members’ satisfaction in the direction DFCU’s board and management is taking the credit union," said Dr. Robert Chapman, chairman of the board. "This validates that DFCU’s members desire their credit union to remain on its current course." (CU Times)