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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%) ( 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).

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