bcu and P&N vote to merge
The merger of P&N Bank and bcu has received the all clear from members of both mutual ADIs, with their amalgamation set for early next month.At a General Meeting in Coffs Harbour on Tuesday, 12,658 bcu members voted, (representing 29 per cent of eligible voting members) with 86.9 per cent in favour of the merger. P&N said that at its annual meeting yesterday in Perth, "in excess of 86 per cent" of voting members supported the plan. With more than $6 billion in assets, this will make P&N around the tenth-largest mutual ADI, and take the number of mutual ADIs to 68.