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Vote Tally Unknown Lafayette Members Agree to Charter Change, CU Says; Members Still Pressing Special Meeting Petition

In a development that surprised many credit union observers, a majority of the members of the $332 million Lafayette Federal Credit Union who participated in the credit union's charter change vote appear to have cast ballots in favor of becoming a bank. A short statement from the credit union, which...

By David Morrison | Updated on January 02, 2007

KENSINGTON, Md. — In a development that surprised many credit union observers, a majority of the members of the $332 million Lafayette Federal Credit Union who participated in the credit union’s charter change vote appear to have cast ballots in favor of becoming a bank. A short statement from the credit union, which appeared on the CU’s Web site late on Dec. 20, said that the members approved the charter change at the Dec. 16 special meeting. Unlike previous charter changes, the CU revealed neither the total numbers of votes cast nor the margin of victory.

A clear majority of members at the meeting had opposed the change, members said [see sidebar].

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