Sydney Credit Union Members Reject Merger
Members of the Sydney Credit Union have rejected a proposal to merge with two other credit unions.
The result of last night’s vote at the Membertou Trade and Convention Centre was 142 to 96 against amalgamation with credit unions in Antigonish and Halifax.
The merger proposal needed a two-thirds majority to be approved.
Sydney Credit Union CEO Bob Coffin says he’s disappointed with the vote, but adds it will be business as usual at the credit union, even if the matter is revisited in the future.
Members in Antigonish and Halifax have voted in favour of a merger and Coffin adds it’s now up to them to decide whether to go ahead with an amalgamation on their own.
Before last night’s vote, the Sydney Catholic Deanery spoke out against the merger saying it would weaken the credit union’s ties to the local community and make it more like a conventional bank.