Members of New England and Bananacoast Community credit unions were due to vote this month on the proposed merger, but the deal has been cancelled."In a nutshell, it was governance differences", said Kevin Dupe, CEO of New England."The problem was governance differences at board level. The coming together of the board wasn't happening."The merger was due to take effect in early 2008, if member approval was reached at the November Annual General Meetings.Both boards have resolved to cease discussions, allowing them to explore other merger opportunities.Dupe said the cancellation of the merger proceedings was "a pity", as management had already begun working on aligning products and mapping software for the merged entity."We will continue to look for other mergers. We are not talking with anyone at the moment, but we are starting to go back to the data to see where the opportunities are."Dupe continued that any future mergers for New England would only be with a mutual with a strong community focus, with products and branches in alignment with themselves."All of these factors were in the Bananacoast merger."