Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Canadian merger with three CUs called off
MADISON, Wis. (1/28/11)--A proposal to merge three credit unions in the Canadian province of Saskatchewan into one province-wide credit union has been scuttled because members failed to approve the merger in a vote Wednesday. The opportunity to merge Conexus, Innovation and Synergy credit unions was missed because all three credit unions require 75% approval of their membership to pass the merger. When the votes were counted, they were sufficient at Conexus (95%) and Innovation (76%), but came up short at Synergy (60%) (Newstalk980.com Jan. 27). “Obviously we’re disappointed,” Synergy board president Wayne White, told the news outlet. “It was the right move to position us for the future.” A merger of the three credit unions would have created a new entity comprising 84 branches, 194,000 members and $7 billion in assets (The Canadian Press Nov. 23). “We did due diligence for the merger and there aren’t any negatives that I can see. It’s just a way for our credit union to grow and prosper into the future,” Gord Lightfoot, board president of Innovation CU, said after a Nov. 23 meeting. “And through the credit union doing well, our members will be better served, and I just see it as an entirely positive thing for our community” (The Southwest Booster Nov. 24).


RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
1 Day ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
1 Day ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
1 Day ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
1 Day ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
1 Day ago