Members of St. Lawrence Federal Credit Union have rejected the Ogdensburg, N.Y., credit union’s proposed merger with SeaComm Federal Credit Union in Massena, N.Y.
The $806 million-asset SeaComm agreed in March to absorb the $234 million-asset St. Lawrence FCU. But St. Lawrence’s members voted against the combination by a 2-to-1 margin.
“We are disappointed with the final outcome of the membership vote,” Scott Wilson, SeaComm’s president and CEO, said in a statement.
“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,” Wilson added. “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.”
“I believe there was a lot of misinformation spread that people believed,” Todd Mashaw, St. Lawrence’s president and CEO, told the CU Times. There was a big social media campaign built around opposing the merger.