Merger of three Saskatchewan credit unions fails

A merger of three Saskatchewan credit unions has failed to materialize. The amalgamation of Conexus, Innovation and Synergy credit unions was missed by a hair in voting.

All three credit unions required 75 per cent approval of their membership. Wednesday night, when the votes were tallied up, the votes were there from Conexus at 95 per cent, and Innovation at 76 percent, but Synergy only had the support of 60 per cent of its members.

“Obviously we’re disappointed,” said Synergy board president Wayne White. “It was the right move to positions us for the future.”

The conglomerate would have been worth roughly seven billion dollars.

news@panow.com

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