SAN JOSE, Calif. – A longtime member of $1.6-billion Technology Credit Union, which is asking members to approve its conversion to a mutual savings bank, is fighting to stop the process.
Robert Marinace already was unhappy at the possibility of losing his credit union, but upon learning of the potential windfall via stock options a conversion might mean for management and directors, he became enraged.
A member of Tech CU since 1978, Marinace said the aspect of the conversion that bothers him the most is the potential for management and board members to benefit from stock options if the mutual savings bank later becomes a full stock institution. “I am against this change because I like the credit union concept, and now that I know the people who are running the credit union are going to make a killing I’m really upset,” he told CU Journal. “I want my fellow members to know what I know.”
Look for extended coverage of this story in the July 2 issue of Credit Union Journal.