Members vote for CBS and LBS merger

Members have voted in support of a merger of the Canterbury Building Society and the Loan and Building Society (LBS), which will take effect on February 1.

CBS Canterbury will be the continuing company, with total assets of $552 million and members' equity of $52.6 million.

LBS members will receive one CBS Canterbury share for every LBS share on issue, with CBS Canterbury issuing 4.4 million new shares to LBS members. Shares in the new entity will total 11.75 million shares on issue.

- NZPA