Conference 7.286::dcu

I just heard this by telephone from Skip Morris.

Winners         Term (yrs)

Mann            3
Milbury         2
McEachin        1

Dawkins         3
Gransewicz      2
Ross            2
Kinzelman       1

Apologies to you winners if I spelled your names incorrectly.

Contratulations. 

Dave C.

    
    New board, announced at annual meeting:
    
    Candidate                  votes     term (years)
    ------------------------   -----     ------------
    Tanya Dawkins              9765           3
    Gail Mann                  7671           3
    Lisa Ross                  7279           2
    Phil Gransewicz            7233           2
    Paul Millbury              6958           2
    Tom Mceachin               6524           1
    Paul Kinzelman             6110           1
    

    Do I read this right?  A MAJORITY for REAL CHOICES on the new BoD?

YEAAAAAAAAAAAAAAA!!!!!!!!!!!!!!!!!!!!!

Congratulations to the winning "Real Choices" candidates.  Now, there's hope
for our DCU yet!

I've very pleased to see there'll be such an ideal (IMO) mix of directors.
The BoD will be made up of people with financial experience, experience in
banking regulations and examinations, legal experience, and most importantly,
people who haven't lost sight of who owns *our* credit union.

And I didn't fail to notice that the two incumbents running for re-election
were defeated.  My thanks to them for their best efforts over the past years,
but the educated voter has clearly spoken!

It's so nice to see the "fruits" of our labors!  :-)

Jim

    
    Other vote counts:
    
    Rick Sample                5447
    Claire Muhm                5341
    Abbot Weiss                5242
    Susan Shapiro              5057
    Ray Schmalz                5049
    Gim Hom                    5006
    Deepak Goyal               4774
    Jay Tredwell               4708
    Richard Luciano            4565
    Chris Gillett              4505
    Charles Boutcher           3365
    Alfred Thompson            3101
    Abhijit Gupta              2986
    
    
    Ineligible ballots          658
    Blank ballots                28
    More than 7 candidates      145
                                ---
                                831
    

    
    
    Congratulations to everyone - Way to go RC Candidates..!
    What a Finale..!!
    
    

Now it gets interesting.

Starting, I suppose, with the inevitable discovery that the RC Directors won't
all vote as a single bloc.

The message is in.

Both nominated and "Real Choices" candidates made the grade.

Congratulations to ALL who ran, even though my efforts were concentrated
on the "w**** h*****" side, I would have presented just as much for any
who requested it.

The piper is waiting.

    
    I will be reactivatinf my Checking account tomorrow.
    Thanks to everyone.
    
    cbc

    
    All right!!!!!!!!  Now to begin seeing some of our questions answered!
    
    Steve
    

    
    Treasurer's Report, from the 1991 Annual Report (made available at
    annual meeting):
    
    ---------------------------------------------------------------------
    
                            Treasurer's Report
    
    The past few years have proved difficult for many in the financial
    industry. Like other credit unions, S&Ls and banks, DCU has been
    challenged by a recessionary economy, reduced workforces, increased
    bankruptcies and decreased loan demand. In addition to these pressures,
    the losses reported from the fraud committed by the former president
    also impacted our bottomline [sic].
    
    DCU's 1991 financial statements reflect our profit from normal
    operations as well as the losses resulting from the fraud. Normal
    operations resulted in a $2.8 million profit, while 1991 losses and
    expenses associated with the fraud amounted to $8.6 million. This
    equals a net loss of $5.8 million.
    
    All actual and projected losses and expenses related to the fraud have
    been written off as follows:
    
        Losses, Expenses and Potential Exposure
         Related to the Fraud                           $19,599,000
        Less: Estimated net Realizable Property Value     1,467,000
        Less: Bond Recovery                               6,000,000
                                                        -----------
           Net Loss Related to the Fraud                $12,132,000
                                                        ===========
    
    In September, 1991, we received $6 million (the maximum) from our
    bonding company, Credit Union Mutual Insurance Society (CUMIS). The
    $1.467 million estimated net realizable value represents an extremely
    conservative estimate of the value of the properties currently on the
    books after deducting estimated disposal costs. The summary above does
    not include potential recoveries from legal action related to the fraud
    that we are aggressively pursuing.
    
    Although we suffered significant losses due to the fraud, DCU's overall
    financial condition and revenues remain strong. In particular, our
    consumer and mortgage loan portfolios are in excellent condidtion with
    loan delinquency of only 0.6%. Earnings for the first quarter of 1992
    are excellent and we hope this trend will continue throughout the year.
    
    By continuing our efforts to improve and streamline operations, enhance
    the competitiveness of our products, and improve service to our
    members, we expect 1992 to be a successful year
    
    [signed]
    Susan P. Shapiro
    Treasurer
    

    Astounding.....
    
    And they thought all of us who voted for RC candidates were in the
    minority....
    
    Congrats to the new board members...
    
    Gil
    

	One other item of interest:  There were 18,774 Ballots cast, of
  which:

		Invalid:			   658
		Blank:				    28
                Too Many Candidates Selected:	   145
		--------------------------------------
		Total Invalid:			   831
		Total Valid:			17,943
		--------------------------------------
		Total Ballots:			18,774
		--------------------------------------

       Any word who the new Chairman and treasurer are?
                                 Denny

Probably to be decided at the first meeting.

If it goes by total votes for chair though, looks like Tanya is a good
bet.

    
    Excerpts from the 1991 Annual Report:
    
    
      from Consolidated Statements of Financial Condition:
    
                                                1991             1990
                                             -----------      ------------
       Total Assets/Liabilities              $359,216,121     $366,405,274
    
    
      from Consolidated Statements of Operations:
    
    
       Provision for Losses on Real Estate     $8,636,318       $3,496,000
        Acquired by Foreclosure
      
       Net <Loss> Income                      $<5,843,819>        $290,510
    

First, my thanks to all of you who helped in this whole process from beginning
to end.

Now, WE have OUR credit union back.  It is up to US to make it work.

Although I'm about 1200 miles away from the DCU headquarters, I pledge to do
whatever I can to help the new BoD get DCU back on the right track.

Bob

    
                      Message From the President and
                         the Chairman of the Board
    
                         (from 1991 Annual Report)
                        
    
    Digital Employees' Federal Credit Union (DCU) began operation in May,
    1980. During our first eleven years, the financial services industry
    experienced tremendous challenges from deregulation, intense
    competition, rapid changes in technology and substantive changes in the
    capital markets. DCU has responded well to these challenges. It has
    remained financially sound while growing to be the largest credit union
    in New England.
    
    Our continued success has been a result of the great support from our
    sponsor company, Digital Equipment Corporation, our members and the
    uniqueness of the credit union movement. DCU is a member-owned, not for
    profit cooperative, where members pool their savings to offer funds for
    members to borrow. It is the primary responsibility of DCU management
    and your elected board to protect these deposits, lend to credit-worthy
    individuals and ensure that all members share an equitable portion of
    the costs associated with providing a variety of products and services.
    These philosophies and characteristics will continue to serve as our
    foundation for the years to come.
    
    This past year proved very difficult for DCU, primarily because of the
    fraud committed by the former president, and the losses associated with
    the fraud, Despite this setback, DCU is making every effort to effect a
    full recovery. Specifically, during the fourth quarter of 1991, we
    completed writing off all actual and projected losses related to the
    fraud as seen in the enclosed financials.
    
    With the fraud behind us, the credit union staff and volunteer board
    and committee members are very excited about the many opportunities
    ahead for the credit union. We have made significant enhancements to
    DCU's internal controls, as well as developed a strategic plan to
    improve the products we offer, while assuring the highest quality of
    service. As part of our improved internal controls, your board has
    appointed a new Supervisory Committee which has hired a new internal
    auditor and new external independent auditors.
    
    DCU has also repriced its loan products to be more competitive and has
    taken steps to centralize the lending decision-making process. In
    addition, a new telephone Information Center with toll-free access will
    be introduced to enhance responsiveness and convenience to our members
    nationwide.
    
    During 1991, we opened a new branch at Powdermill Road, Maynard, Ma.
    Branch renovations occured in Hudson, MA, Albuquerque, NM, and most
    recently in our Merrimack, NH branch.
    
    Throughout the coming year, we will continue analyzing and improving
    our operational procedures to make banking with DCU easier and more
    convenient while maintaining the financial strength and quality service
    our members expect.
    
    On behalf of the DCU board, management and staff, we thank you for your
    continued support.
    
    
    [signed]
    
    Mark A. Steinkrauss                    Charles J. Cockburn
    Chairman of the Board                  President/CEO
    

    Congrats to all.  Please remember the little people :-).
    
    Jim Morton

Thanks to everyone who participated in the election process in all aspects,
and congratulations to our new BoD. I pledge you my support in return for
you willingness to be open with us.

I, for one, will rest easy tonight based on the outcome of the election. I'm
glad to know that I will now be planning on continuing to manage my finances
with the DEFCU.

Thanks,
-Jack

    Waitaminit!  Does this mean I now have to start treating Phil and Paul
    with RESPECT!?!?!  Congrats!  Here's another account that will stay
    with DCU!
    
    Steve

No.  How we get to do what we did to the old board to the new board,
primarily at Phil and Paul :-).  

Awesome! Congrats to the new Board and thanks to everyone who made this 
possible. I guess you can fight "city hall" after all!

Looking forward to a great RE-OPENING of the

	Digital EMPLOYEE'S Federal Credit Union


Regards,

Jim

    It is interesting to note that Tanya Dawkins is the only candidate who
    was elected with an absolute majority of the total votes cast. Counting
    even the invalid ballots in the total, more than half voted for her.

    Well it was always awfully hard to understand how a *bank examiner* was
    not qualified enough for the nominating committee. :-) I'd bet that
    people who didn't even know about this the events of the past year
    noticed those words.

    Well I'm just back from the Annual Meeting and the celebration party
    afterwards at Amories.
    
    4 petition (all "REAL CHOICES") candidates were elected to the board. I
    think the message here is far more important than just the DCU. It shows
    that a motivated electorate can instigate real change.
    
    The new board (all 7 of them) have now taken on a real responsibility.
    Over 18,000 people voted in this election (more than ever before). This
    board owes it to the DCU owners (ie all of us) to act for the
    membership and to communicate openly with the membership.
    
    As the moderator of this notesfile I look forward to honest and open
    communication from the board members here. That will be a welcome
    change from what was happening previously. I may be wrong but I believe
    the ONLY communication we've had in this notesfile from the old board was
    a memo written by Susan Shapiro on behalf of the whole board that called
    those members working for change "witch hunters". Well the membership
    has spoken. 5 incumbents didn't even run, the other 2 were roundly
    rejected by democratic ballot.
    
    As several people said in one way or other (myself included) to the new
    board members after congratulating them. "Remember you represent the
    members, if you fall into the same habits as the old board WE'LL BE BACK".
    Some of us were wearing some newly minted buttons. These buttons have a
    picture of a witches hat on them together with a broom and a big red
    line symbolizing "NOT" drawn through the broom. Real collectors pieces.
    
    I feel really happy today, I feel that we have a Credit Union again not
    the "Digital Bank". Only time will show how well the new board will do.
    I wish all 7 the very best and today all 7 of you have my full
    confidence. My most important message is "OPEN AND HONEST COMMUNICATION
    WITH THE MEMBERSHIP IS THE ONLY WAY TO GO".
    
    My faith in the democratic process has moved up a few notches.
    
    Dave

    Now of course the hard part (for the winners) begins. Trust must be
    built. The new board is a clean slate. Some of us know some of the 
    winners (all 7). The others we don't know. I for one am going to
    start with the assumption that all will work hard for all the members.

    But there are two other groups I think the board needs to work with.
    There are the members who have become disaffected and have left. I
    hope ways can be found to communicate that there is a new spirit
    running things.

    The other group is DCU employees. These people have an even bigger
    stake in many ways than we who are members. Their income depends on
    the DCU and I've heard that many of them have been told to expect "bad
    things" if "REAL CHOICES" candidates win. Those people have to be
    reassured. As employees or "our" credit union and members in their
    own rights they are our partners in this project. I hope that the 
    new board will quickly assure these important people of just how
    important and valued they are.

    			Alfred

       I'm sure (I hope) that one of the new boards first acts will be to
    call a 'legitimate' meeting of all the DCU employees, (Tele-conference
    for those remote), and assure them that they, the RC candidates,
    are not the horned ogres they were made out to be.
                                          Denny

    
    This is excellent!  I can't even say much more.  I appreciate the
    efforts of all the people who spent their time and money working for
    a better DCU.  I'm glad people voted the way they did.  I'm glad to
    see, for once, something seemed to work the right way!
    
    Can't wait to bring back all my money (my $5 was lonely)!
    
    - Sean

I echo sentiments regarding the "re-enfranchisement" (is that the right
word?) of DCU employees. I thought about this a lot on the way home today,
even before I knew the outcome of the election. In my opinion, the worst
effect of the past nine months or so, has been the "disenfranchisement"
of the hardworking DCU staff that we deal with on a daily basis - the
fact that everything has developed into a "Them vs. Us" situation. This
has been wrong from the word "go", and as I drove home I tried to piece
together how it even happened to begin with.

The conclusions I reached were only that "Special Meeting Organizers"
and "Real Choices" candidates, and "Petition Candidates" _weren't_
the operative factor in that disenfranchisement. I don't recall any
actions on the part of any of those folks that should have led the
DCU staff to feel that there was an adversarial situation in existence.

What I did see was a standing board that felt threatened. And DCU
management responsible to that board which was caught in the middle to
some extent. And DCU staff which was put upon to react to the emotion of the
situation.

All of the distance that was instituted between the staff and the membership
at large was put there for all the wrong reasons. Not because it was the
intent of those looking for reform to threaten the staff, but because those
that were threatened had so much (inadvertant?) power over the DCU employees.

I'm confident that this rift will be one which can be healed quickly and
easily, and I trust the new board to take this task as a top priority.

-Jack

Thanks to all who made this redirection of DCU possible. It would not have
been accomplished without the help of lots of folks who decided to pitch
in to improve things rather than just to complain (which is of course far
easier).

Re: .31

Jack summed up my feelings about the situation very well. My goal is to
effect a real attitude adjustment on the part of DCU and their communications.
I believe that an organization's attitude starts at the top and the top has
now been replaced. I believe we (the new board)
have a mandate from the members to set the stage for everybody, employees
and members, to all be "us" - hopefully there won't be a need for a "them".

One of my primary short term goals will be to reassure the DCU employees.
I don't know what they've been told but I have a feeling that it's not
been good. Having new board members visit branches to visit the employees
in the near future would be a good start.

Another situation that's new this time is that several new members of the
board (myself included) participate regularly in notes files. The only
problem with that is if I say something, folks must remember that as I
enter this note (for instance), I'm speaking only as a member on behalf
of myself. I am not representing DCU nor the rest of the board. It is only
my personal opinion. If I post an official piece of correspondence from
DCU and/or the board, it will say so. Otherwise, it's just from me as a member.

Also please understand that we are going in there with no continuity with
an old board - unfortunately necessary in this case. We will all be in
"input" mode for some time. I want to make sure we don't go in there
like a bull in a china shop. There will be some things we can change
fairly quickly, but there are a lot of things that we must understand
and context we must know. I obviously won't be able to share all information
to which I become privy - a person's personal financial status for instance.
But as we (I expect) raise the level of communications with the members of
things that we *can* communicate, you will trust that we are doing the
right thing.

Chuck Cockburn has already begun setting up a seminar for us to become familiar
with the credit union issues and processes. We will need time to digest
all this information, so please bear with us for a bit. And, of course,
we all still have our day jobs. :-)

    Paul,
    	Is there a possibility of getting the NON RC Board members using
    the DCU notes?  I think that will go a LONG way to making this new
    Board work.

    Jim Morton

    
    To the new BoD members,
    
    Thank you for all your hard work to get you where you are now.  I 
    
    do not envy the job you have ahead of you and I know there will
    
    be a lot of pain as you "try to do what's right". Starting from scratch
    
    so to speak will be exceedingl difficult but I know that with half a 
    
    chance, you will make the credit union something to be proud of again.
    
    Good Luck and you have my sincerest wishes for success and support!
    
    Kevin
    

     
          I would like to add my congratulations to the new board members.
     I am extremely pleased with how the election turned out, and have a lot
     of high expectations of the folks who are now in place. 

          Do what you said you would do, and you will guarantee yourself a
     LOT of ready support.

                                      Greg

    Anybody want to run for the DEC board of directors?

    I've also noticed that the three highest vote getters are all women.
    That's certainly an interesting variation on standard results.

    
    As you can see from the time of this posting, it's been a long day. 
    I took a vacation day today to attend the annual meeting so I had quite
    a bit of mail to respond to and reading to catch up on.  But I wanted
    to post a quick note thanking everybody for their support.  I will post
    a more detailed reply after getting some sleep.
    
    Today is the first day of the new DCU. 
    

    Congratulations, folks.  Now comes the hard part....

    Congratulations to the newly elected board and to those who worked so 
    hard for what they believed.
    
    Congratulations!
    
    

Re: .33
I'm sure going to encourage them to use notes. I think it's essential that
the board have first hand knowledge of the thoughts of members. DCU was
turned around electronically, what better way to continue the direction
than to use the same electronic medium?

Re: .37
Yes, it's an interesting result, but I think it's completely due to their
extremely good experience credentials and their being part of the group of
alternative candidates. I'm extremely glad there's a mix of everything on
the current board, including gender, race, and nominated candidates.

The DCU member has elected (in my opinion) a well balanced board.

Good luck to all and thanks to all the volunteers.

Gim

    As a voter, I want to say congratulations to the new board.  Its good
    to know that the process works when people are dedicated and get
    involved.
    
    Gwen
    

    The top three names were women!
    
    A Big Yea for women.  An even BIGGER YEA for DCU members
    for voting for them.
    
    I wonder what percentage of DCU members are women?
    
    

    Congrats to the new Board Members!!!! I'd like to think we won a 
    tremendous battle but remember we haven't won the WAR.  It will take
    time to get the members and employees of the DCU back working as a
    healthy and profitable team.  I want to thank all those members who
    both actively participated in this process and those of us who gently
    supported you from the sidelines.
    
    A BIG Congrat to the TOP three women Board members!!!! WE WANT CHANGE -
    the GOOD OLD BOY NETWORK is on its way out!!!!!!We are fed up with
    the "stuff" we've been handed for YEARS! NO longer will we meekly sit
    back and take anwers like "That's the way it is - because WE say so"
    And WE WILL NO LONGER put up with cute token positions in the
    leadership of OUR credit union......we are the MAJORITY!!!!!!!!
      
    Proud to sign my name!
    Donna Kelleher

Congratulations to Tanya, Lisa, Phil, and Paul, and to the nominated
candidates who won seats on the Board!  The results of the election
were outstanding.  DCU now has a truly representative Board.  The
individuals elected come from many walks of life and represent a good
cross section of the membership.  I went home last night, and reread
the candidate statements for those who had won.  The new Board has
a tremendous amount to offer DCU.  I trust that once they get ramped
up and on their feet they will be highly effective representatives
and strategic managers.

Yesterday was a great day.  As Mark Steinkrauss read off the election
results, and I realized that 4 petition candidates had won seats, I
couldn't help but feel that the membership WON.  This process began
over a year ago with a seemingly innocent brochure called 
More Choices, and ended with the membership making a profound statement
to its credit union and pointing it in a new direction with a new
mandate.  While there are still very difficult times ahead, I believe
that the future is quite bright for DCU down the road.

A great deal of congratulations and thanks go to the many people who
volunteered time, money, energy, and ideas and made this thing go.  Were
it not for all of you who got involved, we would still be at war with
our credit union.  Were it not for all of you who participated in the
sometimes uncomfortable, but always useful dialogs here, we might never
have been able to prevail.  And were it not for everyone who collected
signatures, talked to members, and spread the word, we might never have
even gotten to the Special Meeting, much less a Special Election.
We should all be grateful for the efforts of Nisreen Sunnaa, Dave Garrod,
and the other DCU conference moderators for their willingness to host
this conference, their patience in the face of our arguments, and their
courage to continue this conference during difficult times.

I'm intensely proud to have been a Real Choices candidate, and to have
been able to play some small role in all of this.  While I'm quite sad
to have not won a seat, I can't begin to describe how happy I am at the
outcome of the election.  It's a very satisfying feeling knowing that
we have a Board of Directors we can trust.

It's important now to get out the olive branches and begin the peacemaking
process.  It's time to move past "us" and "them."  DCU employees need to
know that while we've been quite disenchanted with their former Board,
we're really happy to have our credit union, and we're pleased about the
work they do.  I'd also encourage those of you who withdrew money or left
DCU out of protest to consider repatriating your funds, rejoining DCU,
and giving it a second chance.  

It's also time for Digital to move past this issue and focus more clearly
on the important business of saving DEC from financial ruin.  I hope that
Corporate Personnel will move quickly to update its policies based on
what's been learned during the election, and I hope they will move quickly
to correct some of the unfair things that happened to people during the
election.  In my opinion, some people involved in this issue have been
treated very poorly.  I hope that Digital is able to look into what 
happened, realize that mistakes were made, and do the right thing.  That
would be the perfect ending to this saga.

It's important now to have patience and let things cooks for a while.
While we must never stop observing, keeping a watchful eye, and questioning
things that don't make sense, I feel it's important to give the new board
some time to ramp up and understand all the issues.  We didn't win this
war overnight, and the new Board can't fix all the problems in one meeting.
Please give them some time, and offer them to opportunity to come to us
with information, viewpoints, and plans.

Lastly, I'd like to extend thanks to Phil Gransewicz.  I credit Phil as
being the individual who motivated so many of to DO SOMETHING about the
credit union mess.  Phil was the first individual to actually challenge DCU
about releasing data and information.  Phil was the one who originally
organized people to start a Special Meeting petition drive.  Phil has
been the one who held our dis-organization together, and who continued
to push all of us to get involved, and to stay involved.  If any one
person deserves special recognition here, Phil gets my vote.  It is 
fitting that he was elected to the Board. 

And to the 4505 of you who voted for me in the election, in the words
of Ed Bartels, "Thanks fer yer support!"

/Chris
A proud REAL CHOICES DCU member

    Does anyone know Tom McEachin's nodename::username?  ELF does not list
    this information for his entry.
    
    Thanks!
    
    Don

He probably only receives ALL-IN-1 mail. Use MTS$"MSO::TOM MCEACHIN" where MTS$ 
is your favorite MRGATE (node::mrgate::).

Jim

    
    I cannot find words to express the elation I felt when I read the
    results of the election.  I've been a longtime RON of this conference,
    and I've been poised at the edge of the cliff, waiting for the expected
    less-than-credible election results to give me that final push...out
    of this so-called DCU.  Needless to say, I'm shocked by the results.
    I signed all the petitions, attended the special meeting, and found
    my anger increasing by degrees with each move of the seemingly arrogant
    former BOD.  As a DCU member since the beginning and a DEC employee
    for over 20 years, I've never witnessed anything within the walls of
    the company that can compare with this "turf war".  I feel that this
    whole experience has had a profound impact on how we perceive our
    credit union in the future.  The "sleeping giant" (DCU members) has 
    awoken.
    
    I would like to personally congratulate all the new members of the
    BOD, and I am certain that the corner has been turned and we are
    finally heading in the right direction.
    
    Lou
    
    

    So this means I can take my $5 out now, right?

Seriously, the results look like people actually read the information that
came with the ballot.   Was that because of Sims ?  Perhaps (even though I was
among the stone throwers).

Part of the communications needed is preparation, start planning NOW, to that
people are INFORMED whe they vote, and people CARE enough to vote.

Given there are one year positions, it's not too early to include this on the
action plan.

RE:  .49

Ditto here.  What a great feeling after this past year of
progressively increasing arrogance by the former board.

Congratulations to each of the new board members.  Thanks
to all who contributed to the process of establishing what
I hope will be credibility to the DCU!

Ray

    Naturally, my congratulations to the RC candidates that got elected.
    
    A couple things hit me yesterday as I was reading through the annual
    report before the meeting:
    
    o treasurer's report states estimated worth of cape cod real estate
      $1.467 million.  I know there was fraud, the former board fooled,
      but from $19[or whatever figure] to $1.467?  Thats a bit.  I am
      concerned that the $1.467 is a LOW BALL figure.  I am curious as
      to the method implemented to sell it.  I hope the new board doesn't
      let it go until they understand this [What *if* its really worth $5
      million, sold to Mr. x who makes a quick $3.5 million].
    
    o I understand the NCUA may not be too interested in helping us
      investigate what went on, but how about Credit Union Mutual
      Insurance Society [CUMIS].  *they* had to eat $6 million in bonding
      because someone screwed up.  If we still carry insurance with them,
      they face paying again unless we are doing the right thing.  HOw
      about asking them for team work?
    
    o back in the meet the president meetings, I was extrememly
      uncomfortable with the idea that the president was going to teach
      these people what to do.  I'm not saying that this president might
      be corrupt, but if he were, wouldn't he also not show them areas 
      where he could get at our money without them detecting?
    
    O i hope the new board sets a NORM for open communications from teller
      to president to supervisory commettee member.  I believe that if
      are no further uncovered problems, that if the current board had
      co-operated with Phil and others, that they would still be on the
      board and we'd ahve had our answers, a win-win situation.
    
    ed
    

    re: .51
    
    > Was that because of Sims?
    
    Yup!
    
    Based on my conversations with many people, I believe that the Sim's
    memo actually back-fired and helped the cause of the petition
    candidates because people correctly interpreted it for what it was.
    
    Ken....
    

�    o treasurer's report states estimated worth of cape cod real estate
�      $1.467 million.  I know there was fraud, the former board fooled,
�      but from $19[or whatever figure] to $1.467?  Thats a bit.  I am
�      concerned that the $1.467 is a LOW BALL figure.  I am curious as
�      to the method implemented to sell it.  I hope the new board doesn't
�      let it go until they understand this [What *if* its really worth $5
�      million, sold to Mr. x who makes a quick $3.5 million].
    
    The way I read it was that they admitted they purposefully put a low
    figure on it so as to represent a worst case scenario, which I think is
    the right thing to do.  And haven't they already gotten rid of some of
    that property?
    
�    o I understand the NCUA may not be too interested in helping us
�      investigate what went on, but how about Credit Union Mutual
�      Insurance Society [CUMIS].  *they* had to eat $6 million in bonding
�      because someone screwed up.  If we still carry insurance with them,
�      they face paying again unless we are doing the right thing.  HOw
�      about asking them for team work?
    
    Someone investigate otherwise we wouldn't have seen Mangone fired and
    brought up on charges.

    I agree.  A low figure was intentionally put on the value, and that was
    explicitly stated.  That is the conservative thing to do.

	The fact that 4 of those elected were RC folks, and 3 were NC folks
	leads me to think that folks really did take the time to find out
	about the candidates, and vote accordingly, rather than in
	blind blocks. Hurrah! Also, the number of ballots that were
	disqualified was pretty low. Hurrah again.

					Tom_K

.53> treasurer's report states estimated worth of cape cod real estate
.53> $1.467 million.  I know there was fraud, the former board fooled,
.53> but from $19[or whatever figure] to $1.467?  Thats a bit.
    
    In section 5 (Real Estate Acquired by Foreclosure) of the annual
    report, the disposal & legal costs are 432,533 which is nearly 1/3 of
    the estimated realizable value of 1,466,878 . Chargeoffs (?) are a
    944,098 loss.

    I don't have much experience reading these statements. I don't
    understand these 2 large figures for '90 :

    					1991:		1990:
    Commercial loans  				-	8,726,534
    Real Estate Acquired by Foreclosure 18,231,565	9,388,821
    					-------------------------
    					18,231,565	18,115,355

    	Where does the next "nominating committee" come from for next
    	year's elections?  Do incumbents automatically get to run for
    	their seats if they choose, or do they have to go through the
    	process again?

It seems like a good time for all of us RON members of this conference to put 
in our 2 cents worth...

Congratulations and thanks are in order to two groups:

THE MEMBERSHIP - Although there were at times doubts during the last year, 
this election proved that, given a proper amount of information, the DCU 
membership has ample wisdom to make the right choices.  Many thanks to everyone 
who signed petitions, attended meetings, campaigned, argued in this 
conference, etc.  Ultimately, the system worked and you succeeded in electing 
an excellent board and restoring ownership of our credit union back to us.
Special thanks to all of the candidates who dedicated their time, energy and 
funds to providing us a variety of choices for the new board.  It was a 
refreshing change to be frustrated by having TOO MANY good candidates running 
for an election.  If only we had the same problem when we elect our national 
leaders...

THE NEW BOARD - I can't imagine what would motivate someone to invest the time 
and energy that you will need over the next year or two with no monetary 
compensation.  I hope that the "other" compensation that you receive makes it 
worth it.  I am very impressed with the makeup of the new board.  I am 
optimistic that the diversity will our credit union very well.  Your ultimate 
challenge is to restore confidence and credibility to DCU and to change it 
back from a bank to a credit union.  Most of us don't expect this to occur 
overnight.  What we do want to see is continued momentum and progress in that 
direction and, above all, openness and honesty.  

							Gary Hicks

re .55

�    o I understand the NCUA may not be too interested in helping us
�      investigate what went on...
    
    Someone investigate otherwise we wouldn't have seen Mangone fired and
    brought up on charges.

The NCUA investigated Barnstable, resulting in Mangone's firing, etc.
However, the NCUA attourney stated that they did NOT investigate anything
that went on at the DCU.  Didn't you see that statement?  

There are lots of questions I have about what happened at the DCU during
the past 7 years.  I'm counting on all 7 members of the new Board to find
out and let us know everything that they can.  I realize it will take time...

	Enjoy,
	Larry

    I, for one, would like to add my congrats to the new Board members.  It
    was a long and difficult election process and there are many wounds to
    heal.  I am sure that will be of primary concern to the new BoD.  I am
    very happy to see that those voting did vote on qualifications and I
    feel the best people got the positions they deserve and I look forward
    to DCu's continued improvement from this point on ...