VOTE: Credit union decision

Members of P1FCU are being asked to vote on whether the credit union should convert to a state charter and cancel their federal charter, so that the business can expand to geographic locations not available to them under the federal charter. There is a serious list of costs adding up to $314,000 attached to just the conversion process, but the arguments for the conversion do not include the cost of building/leasing new facilities in the new locations in which they wish to expand.

Expansion seems to be the driving motivation, but P1FCU management has conveniently failed to factor in the cost of that expansion, quoting only the cost of conversion in their recommendation to approve. The letter promoting this conversion specifically states that the cost of the conversion is minimized vis-à-vis the “benefits our members will receive with an expanded geographic area.” What? We, the current “members,” are not IN the expanded geographic areas; we’re in the areas they already serve, so we will not see any benefit but will incur the expenses.

I hope all P1FCU members will vote “NO” and get their ballots in the mail before Jan. 31.

LYNN ATE

Moscow