MASSENA, N.Y.—SeaComm FCU President and CEO Scott Wilson said his organization is now on a “separate path” following the rejection of a proposed merger by members of the $234-million St. Lawrence FCU.
As CUToday.info reported, SLFCU President and CEO Todd Mashaw’s stated a merger with SeaComm FCU is now no longer an option. The announcement marks a rare time in credit unions when a merger is voted down by members.
“We are disappointed with the final outcome of the membership vote,” Wilson said. “SeaComm wishes the membership and staff of St. Lawrence all its best. We extend our gratitude to the senior management team of St. Lawrence who worked hand in hand with us to try and make this merger happen. SeaComm will move forward on a separate path and continue to offer the very best value to our membership, staff and the communities in which we serve. Also, in the cooperative spirit of the credit union movement, we have and will continue to have a good relationship with St. Lawrence.”
As CUToday.info reported—St. Lawrence FCU, based in Town of Watertown, N.Y.—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 the merger was not approved.
“Although disappointed with the outcome, SeaComm’s board of directors will continue to ensure we move forward strategically, by focusing on our nearly 54,000 members with the same high-touch, exceptional service and diverse product and service offering they have come to know and expect from us,” added SeaComm Chairman Myron Burns.
As CUToday.info also reported, in an interview with WWNY Mashaw said of the rejection of the merger that the "idea of banking with a larger credit union changes the way members would have to bank." He further suggested some “misinformation” about the merger affected the outcome.
At press time Mashaw had not returned calls from CUToday.info requesting comment.
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