Under the proposal, Marac Finance's parent, Pyne Gould Corp, would take a 71% share in the bank, with CBS Canterbury and Southern Cross Building Society taking 14.5% each.
It is proposed the organisations merge in early January, list on the Stock Exchange, and later apply to become a bank.
At present, there is an application made to the Crown to join the extended deposit guarantee scheme, with the merger proposal conditional on acceptance.
In a separate meeting of Southern Cross Building Society depositors, as opposed to shareholders, a quorum was not met and the chairman adjourned the meeting to December 7, in Auckland.
SCBS chairman Geoff Ricketts said not having a quorum was expected, but the quorum number would be met by "depositors present in person or by representative, whatever their number and whatever the amount of deposits held by them", at the Auckland venue next month.
Craigs Investment Partners broker Chris Timms said yesterday's shareholder approval was "the first of many steps" towards the company listing, noting both shareholders and depositors with Canterbury Building Society and Marac Finance would also be required to have separate meetings in the near future.
Between the trio, they have almost 70,000 customers, 360 staff and 70 branches or agencies throughout the country, including access to AA outlets, and assets totalling about $2.3 billion.
