Synergy Credit Union members have given a thumbs down to a proposed merger that would have created the largest credit union entity in the province.
In member voting on the proposed merger of Synergy, Innovation and Conexus credit unions this week, only 60 per cent of Synergy members voted in favour.
A majority of 75 per cent approval from members of all three credit unions was needed to seal the deal.
Innovation and Conexus members taking part in the vote approved the merger, Innovation by a narrow margin, with 76 per cent of those casting ballots in favour. Conexus members were the most solidly behind the move, giving it a 95 per cent approval rating.
"Obviously, we're disappointed," said Wayne White, Synergy board president in a press release. "A great deal of thought and work went into the merger proposal and we truly believe it was the right move to position us for the future. However, credit unions are democratic institutions and that means members have a say."
All three credit unions will need to take some time to determine next steps, the release states.
"The status quo really isn't a long-term option of any of us," said Gord Lightfoot, Innovation board president.
"We're confident in our futures as strong, independent credit unions, we must continue to evolve to keep up with members' changing needs and increasing regulatory requirements. That fact won't change."
