Members of Spirit Financial Credit Union in Levittown have voted overwhelmingly against a plan by their leaders to merge with Credit Union 1 of suburban Chicago, writes Joseph N. DiStefano for The Philadelphia Inquirer.
“We respect the decision our members made through this vote,” said David Obarowski, the credit union’s chief executive. “There are no plans for another vote on this specific matter. Spirit Financial will continue operating independently.”
Todd Gunderson, CEO of Credit Union 1, the $2 billion-asset lender, expressed “utmost respect” for “the democratic member voter outcome.”
Vote totals were not shared by Obarowski, but Richard Kilian, a member and building-materials company owner opposed to the merger, said that over 500 of the credit union’s 3,800 members participated, with more than 400 rejecting the plan.
He said that the result was driven by a preference for local control, even though he acknowledged that there was a need to energize an aging membership.
The vote stands out as an unusual loss for Credit Union 1, which has succeeded in 12 of its 13 merger efforts since Gunderson took on the role of CEO in 2020.
Read more about Levittown’s Spirit Financial Credit Union and the members’ vote against the merger in The Philadelphia Inquirer.
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