Credit union merger voted down

Published: Sep. 6, 2023 at 6:13 PM EDT
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TOWN OF WATERTOWN, New York (WWNY) - The billion-dollar merger between SeaComm and St. Lawrence Federal Credit Unions is off after members voted the merger down.

More than 10,000 ballots were sent out to St. Lawrence Federal Credit Union members.

Todd Mashaw, the president & CEO of the credit union, says the idea of banking with a larger credit union, changes in the way members would have to bank, and misinformation about the merger are some of the reasons for the no vote.

He says the merger with SeaComm is off the table but a future merger may still be a possibility.

“I do believe we will eventually be approached by a larger credit union or two. Ultimately, I believe this is something that will happen in the next 3 to 5 years,” said Mashaw.

Mashaw says he has received mixed reviews from both members and bank employees about the merger being voted down.