Mutual credit unions and building societies appear to be knocking back merger proposals from Bundaberg-based Wide Bay.In an ASX presentation yesterday, Wide Bay said it was looking at acquisitions and options that included "loan books" and also "engagement with mutual ADIs".It said that boards of target entities are "declining to enter into discussions" and did not convey "benefits to members".Wide Bay said it estimated the benefits to members of a target mutual would be inthe range of A$3000 to A$6000.Any mutual deposit-taking entity open to a merger with Wide Bay would first need to demutualise, a rare step in the sector in Australia.Wide Bay last merged with ASX-listed Mackay Permanent Building Society in 2008.MyState Financial, a Tasmanian-based former credit union, is the most common name linked to Wide Bay. MyState acquired The Rock Building Society, based in Rockhampton, last year.