MISSOULA, Mont. (1/19/12)--Members of $63 million Montana First CU of Missoula, Mont. have voted down a proposed interstate merger with $432 million Horizon CU of Spokane Valley, Wash.
The results of a special member voted were released Tuesday (Missoulian.com Jan. 18).
About 18% of the membership voted, with 249 more "no" votes than "yes" votes, said Montana First CEO Chris Cisco in the article.
Boards from both credit unions approved the proposal in October, but some directors and members from Montana First expressed concern about whether merging with an out-of-state credit union is the best way to help grow and serve the membership of Montana's oldest credit union (News Now Jan 4.)
Members also said they lacked information about the merger. An informational meeting about the merger was held Jan. 5, the same day ballots were due.
For now, the merger is off the table, said Mark Londine, Montana First CU board chair.
Montana First serves its 9,700 members through two branches. Horizon has 38,000 members and 18 branches.