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Maleny Credit Union merger rejected |
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Written by Les Fawkes
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Saturday, 25 June 2011 |
The
Maleny Credit Union was established in 1984 under the umberella of the
Maple Street Co-op in 1984 to bring a sustainable banking system to the
Maleny Community.
The Maleny Community has been abuzz for some months after it was announced back in January, 2011 that there was a move to merge the MCU Sustainable Banking with the Brisbane-based Credit Union Australia. It was explained that the merger was to ensure that benefits of being part of a larger organisation would be in the best interests of the customers.
CUA has also been consistently awarded by the industry and as a result was considered by the MCU Board to be the best solution for customers of the Maleny Credit Union.
Following a meeting at the Maleny Community Centre on Saturday June 25th speakers from both sides of the decision put their views. Following this the proposal was put to the vote. The merger of the Maleny Credit Union and Credit Union Australia was rejected by a vote of members. The poll recorded that there were 637 saying no to the merger against 464 who wanted the merger to go ahead.
“One of the perceived reasons why this merger proposal was rejected is the fact that the MCU re-invests money back into the local community and there is no guarantee that this would continue.” said one vocal objector at the meeting. He continued that the uncertainty about how ownership of the MCU Office building, which is owned fully by the MCU would be handled was also of a major concern to members.
Another member attending indicated that he thought that a merger with another organisation would eventually be inevitable.
A section of the crowd broke out in cheers when the vote numbers were announced by board chairman Alan Harrington.
Credit union board members indicated that the MCU would not have a sustainable future if the merger did not go ahead. This was due to limitations of its current capital base and the increasing complexities and cost of governance, compliance and management.
Some of the benefits of being part of a larger organisation were increased access to products and services.
This vote has caused some more hostility between groups within the community with some members attending the meeting called for the sacking of the board.
Following the meeting the CEO of the Credit Union, Mr. Greg Stevens resigned as a result of continual abuse of both himself and his family over a period of time. The resignation will take place after the contracted six month contracted period of notification of resignation.
Mr. Stevens said, “I’m very attached to Maleny and very proud of what I’ve achieved as the CEO of the Maleny Credit Union." Already there has been a number of accounts closed with the MCU by members who have been disappointed by the action of the June 25th meeting.
There has been a systematic program of personal abuse directed towards certain credit union members who wished the amalgamation to take place.
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Last Updated ( Monday, 25 July 2011 )
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Range News 2005 - ON 
