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bcu members give their seal of approval to proposed P&N merger

bcu members have voted strongly in favour of the organisation’s merger with P&N Bank, with the result announced at a General Meeting in Coffs Harbour on Tuesday.

To achieve this milestone, 12,658 bcu members voted, representing 28.9% of eligible voting members, with 86.9% of members voting in favour of the merger resolution.

bcu Chairman, Steve Targett said: "on behalf of the board I would like to thank our members and staff for their involvement in the merger process, and their participation and engagement. The strong member endorsement of the merger opportunity, demonstrated by the voting outcome, has been great to receive."

P&N Bank held its Special General Meeting with members on 23 October and also had a favourable outcome. The majority of voting members voted in favour of the resolution, which will see the organisations merge to become a larger, stronger entity.

As a result of this outcome, the regulator will conduct a final review before the merger can take place. This is indicatively planned for 1 November.

Members are encouraged to speak to their local stores if they have any queries.