MyState Financial and Tasmanian Perpetual Trustees yesterday agreed on an adjustment to the merger terms agreed between the two in October and which takes into account the more adverse trading conditions facing the trustee company.Members of the MyState Financial credit union in Tasmania will emerge with a slightly increased percentage of the capital of the merged financier, with 67.5 per cent of shares up from the original ration of 63 per cent.Shareholders in the ASX-listed Tasmanian Perpetual Trustees will own 32.5 per cent, down from a prior ratio of 37 per cent.While TPT has not had to freeze any of its mortgage funds since a number of large, mainland-based funds did so in the last quarter of 2008, the controversy has affected the trustee company's earnings sufficiently to prompt a revision in the merger terms.The two companies will each now nominate five directors to the new board. The ratio agreed previously included one less director from MyState.Tasmanian Perpetual Trustees has about $1.2 billion in funds under management and about the same under advice. TPT has a market capitalisation of $49 million.MyState Financial has about $1.8 billion in assets and 130,000 members. The credit union was formed from the merger of Island State and Connect Financial two years ago. Connect tried, and narrowly failed, to demutualise and list on the ASX five years ago.Members of MyState must vote to demutualise the credit union ahead of accepting the merger with TPT. Members of MyState and shareholders in TPT will vote on the merger at meetings in April and May.