Auswide Bank
(ASX:ABA) says that it has received approval from the Supreme Court of Queensland for the go ahead of its proposed merger with Queensland Professional Credit Union also known as Your Credit Union.
Auswide Bank was previously known as Wide Bay Australia and is engaged in providing finance for housing, personal and business loans.
The company has seen its shares dive from $6 in early January to around $4.84 now.
The deal is subject to YCU members voting yes to demutualise YCU. Members would receive $4,055 cash and 696 new Auswide Bank shares for their YCU member share.
Auswide made a net profit of $6.063 million for the six months to end December 2015
