BRISBANE, Australia–Auswide Bank has cleared a final hurdle as it moves forward with purchasing a credit union here. The bank said that more than 98% of the members of YCU had voted in favor of demutualizing the credit union and accepting the $32-million deal, which will mean payouts to members of YCU.
“For shareholders, who will now include many YCU members, the merger will provide geographic diversification of earnings, cost synergies and revenue opportunities,” a bank spokesperson said.
Under the agreement, YCU members will each receive $4,055 in cash, plus 696 Auswide shares for each security they own.