MCU smiles on Firstmac
A second vote will be held in March for members of Maleny Credit Union to make a final decision on a demutualisation and sale of the ADI business to Firstmac. MCU said 42 per cent of members voted, of which 96 per cent voted "Yes". MCU and Firstmac must first approach the Federal Court before the credit union sets a date for the second vote. If the proposed transaction is approved, Firstmac will buy MCU for A$7 million, with $2 million paid to the MCU Charitable Trust. The Brisbane-based mortgage manager is also waiting for APRA approval on a banking authority.