WINIPEG, Manitoba—A merger that would have created the largest credit union in this province has been scuttled after falling 25 votes short in a member vote.
Access Credit Union and Assinboine Credit Union were seeking the combination, but the 63.2% of members in attendance at a special meeting voted in favor represented 25 fewer votes than were needed to OK the deal. A two-third majority is required by the CU’s bylaws. In all, 704 votes were cast by Access CU members at the meeting, held at a local church, with 446 voting in favor.
Access Credit Union’s chairman, Darryl Loewen, was quoted in local media as saying the response was “sort of stunned silence. Everyone I talked to last night expected a sufficient 'yes' vote.”
The credit union reported it fielded question from members about jobs and branches but heard no serious objections. “We thought it was a slam dunk,” said Loewen.
A vote by members of Assinboine CU passed with 90% voting in favor.
Had the merger proceeded it would have created a $5.7-billion institution with 38 branches serving approximately 155,000 members. The combined CU would have been Canada’s sixth largest.
The two credit unions indicated they are now exploring their options.