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Lafayette Posts Conversion Disclosures; Key Member Issues Left Unaddressed

Members of the $332 million Lafayette Federal Credit Union began to receive their charter conversion ballots and the disclosure packets that accompany them last week. The CU also took the somewhat unusual step of posting them on its Web site (www.lfcu.org) for the public to access. As has become customary,...

By David Morrison | Updated on September 26, 2006

KENSINGTON, Md. — Members of the $332 million Lafayette Federal Credit Union began to receive their charter conversion ballots and the disclosure packets that accompany them last week. The CU also took the somewhat unusual step of posting them on its Web site (www.lfcu.org) for the public to access. As has become customary, the disclosure included the basics of the conversion application as required by the NCUA. Should the members approve the charter change, they will have been able to make the shift relatively cheaply.

According to the CU’s conversion documents, the proposed change will cost $284,800 overall, broken down as $5,300 in regulatory and examination fees, $26,000 in printing, $26,000 in postage, $8,000 in mailing and assembly, $15,000 for an inspector of elections, $42,500 for the services of a financial advisor and expenses, $125,000 for legal fees and expenses, $5,000 for a ballot solicitor, $2,000 for a the special meeting, $15,000 for signage and stationary changes, and $15,000 for miscellaneous expenses.

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