The plan to save a doomed community banking business in Cornwall was "undermined" and "obstructed" according to a group that tried to save the project.
Cornish Community Banking (CCB) announced on Friday that it was going into liquidation following a High Court order.
Members of CCB met last month and voted 59-4 for a vote of no confidence in the board as its financial situation worsened.
An action group was set up to try and save CCB but a spokesman for the group said the recovery plan had "the rug pulled" from under its feet.
Oliver Baines, chairman of the group, thanked CCB staff and said: "We find it hard to believe that a board could have acted with such extraordinary disregard for the members wishes, who had voted 59 to 4 in favour of the recovery plan only to have the rug pulled from under their feet."
Mr Baines said the recovery plan had the support of the membership and was being discussed with Cornwall Council and the FSA.
He said: "What the Board will see as its success today we believe they will look back on with shame as they reflect on their actions. They had every opportunity to talk to us, help us, and save the credit union. Instead their actions undermined it, obstructed us and destroyed a great institution. Beyond spite or incompetence, their motives are hard to fathom."
Insolvency practitioners from national accountancy firm Chantrey Vellacott DFK have been appointed liquidators of Cornwall and the Isles of Scilly Credit Union Limited – which traded as CCB.
It was owned and controlled by approximately 2,100 members with savings totalling around £550,000.
Kevin Murphy from Chantrey Vellacott DFK stressed that all savers will be compensated in full under the Financial Services Compensation Scheme.
The liquidators will be writing to all members shortly enclosing a statement showing the balances on members' savings accounts together with the balances on any loan accounts.