In a rare case of reversals, two proposed credit union mergers–one an interstate pact in the Northwest and the other involving Louisiana CUs–were called off last week as a result of member opposition.
The member rejections at the targeted CUs in Montana came from a Washington State CU and the other involving two Louisiana CUs arose in a coincidental pattern and appear unrelated.
Still, those who monitor financial mergers agreed that the ballot defeats at the hands of apparently disgruntled members were extraordinary and put added pressure on expansion-minded credit unions to ensure that their public relations strategies are in good order.
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