TOWN OF WATERTOWN, N.Y.– In a highly unusual development, members of St. Lawrence FCU have voted against merging into a much-larger credit union.
Members of the $234-million St. Lawrence FCU rejected a proposal to merge into the $806.7-million SeaComm FCU in Massena, N.Y., in a combination that would have created a $1-billion in the northeastern corner of the state.
St. Lawrence FCU said more than 10,000 ballots were sent to its more than 12,000 members. The vote totals were not released, with the credit union only confirming to WWNY that the merger was not approved. The final tally showed 2,428 (70%) votes against to 1,023 (30%) in favor.
In an interview with WWNY, SLFCU President and CEO Todd Mashaw said the idea of banking with a larger credit union changes in the way members would have to bank, and further suggested some “misinformation” about the merger affected the outcome, as well.
He told the news outlet the merger with SeaComm is now no longer an option, but a future merger may still be a possibility.
Expects to Merge at Some Point
“I do believe we will eventually be approached by a larger credit union or two,” Mashaw told WWNY. “Ultimately, I believe this is something that will happen in the next three to five years.”
Mashaw further told WWNY he had heard mixed reviews from both members and employees about the merger being voted down.
When CUToday.info reported in March of this year the intention of the two CUs to pursue a merger Mashaw indicated he planned to retire upon the merger’s completion and then be retained as a consultant for one year.
As of its June 30 call report, St. Lawrence FCU reported $989,998 in net income, with capital of 10.61%.
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