Source: The Canadian Press

A failure to meet the necessary approval threshold has led to a setback in plans for a proposed merger of three Saskatchewan credit unions.

The merger of the Synergy, Conexus and Innovation credit unions needed approval by 75% of the total number of members at each financial outlet.

But after the votes were counted Wednesday following a series of meetings, only 60% of Synergy’s members had approved the deal.

Conexus members voted 95% in favour of the proposal, while 76% of Innovation’s members approved the plan.

Officials with the three credit unions say in a release that outcome is disappointing.

They say the boards at all three outlets will take some time to figure out their next move.