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MISSOULA, Mont.-Members of $62.2-million Montana First Credit Union last week rejected a proposed merger into $432-million Horizon Credit Union, based in Spokane Valley, Wash.
In the weeks leading up to the merger vote, local media had featured coverage of members, including former board members, expressing concerns that Montana First planned to merge with an out-of-state based institution.
MFCU held informational meetings about the merger with members, but it was not sufficient to overcome objections or to get buy-in from at least some members that the merger would allow it to invest in expanded technology, including mobile apps it currently doesn't offer.
"We had a membership meeting, but many had voted prior to the meeting. Many of the nay-sayers who were in attendance said they changed...