YCU professionals vote to end their mutual ADI era
Dissidents and sentimentalists were in short supply at a meeting of members of Queensland Professional Credit Union on Monday night. Near 99 per cent of members of the mutual, now trading as Your Credit Union, voted to agree to demutualise their business and sell to Auswide Bank.Each QPCU member will receive A$4055 in cash and Auswide shares valued yesterday at $3570.Auswide, itself a former building society, expects to take control of the remnants of YCU on May 19, once final legal hurdles are crossed to implement the scheme endorsed by credit union members.Queensland Professional Credit Union is only the fifth credit union in Australian history to shed its mutual status and one of only two to sell itself to an ASX listed entity.