Camera courtesy of Voth's Countrywide Panasonic Lumix DMC-TS1

 

A merger between Innovation, Conexus and Synergy Credit Unions will not go ahead.

The results of a series of member voting meetings that took place this week were released earlier this morning. The merger proposal needed 75% approval from each of the three Credit Unions to go ahead, with Innovation members voting 76% in favour and Conexus members voting 95% for it, but Synergy members were only 60% in favour of the merger.

If the merger had gone ahead, it would have created a single credit union with $6 billion in assets serving over 194,000 members.

 

Innovation Credit Union Board Chairman Gord Lightfoot says he was extremely disappointed with the result, but wasn't surprised, given the issues arising with Synergy and the concerns members rose there, and calls the 76% approval from Innovation members a "pretty strong endorsement".

 

Lightfoot adds for now it will be business as usual at Innovation Credit Union, but says another merger is something they may re-visit in the future.

 

Ken Audette talked with Gord Lightfoot about the results of the member vote