The board of directors of Wollongong-based City Coast Credit Union have stuck to their original decision, first taken in September 2002, and will proceed with a proposal to merge with Australian National Credit Union.City Coast's board rejected an improved, alternative offer from local rival IMB (the former Illawarra Mutual Building Society) which would have paid City Coast's 38,000 members a cash benefit of $100 each. IMB in October 2002 made a second offer to take control of City Coast after the credit union's board first announced their intention to join up with Australian National.Australian National made no cash offer, but promised limited discounts on some home loan and credit card products which would be available to a limited number of City Coast and Australian National members.The Australian Prudential Regulation Authority late last year pushed City Coast's board into a more detailed consideration of the IMB offer. The board commissioned an expert's report from corporate advisers Lonergan Edwards to assist in making this decision.City Coast confirmed its preference to merge with Australian National several days ago, leaving IMB to learn about the decision by reading about it at City Coast's website.