NSW and Victorian credit unions announce plans to merge
Thursday October 8, 2009
In more news on Australia's credit unions overall success, two credit unions have proposed plans for a merger as the credit union sector recovers well and expands after the economic crisis. The Sydney-based Teachers Credit Union and Melbourne-based mecu had previously announced entering a Memorandum of Understanding through which the credit unions would investigate any commercial and member benefits that may result from the two bodies consolidating all their assets, liabilities and undertakings into a sole legal company.
This single legal entity would have an asset base of approximately $6 billion with member reserves of approximately $500 million, with around 300,000 members.
As a result of this investigation, both the Teachers Credit Union and mecu have stated that they will recommend a merger to their members in a meeting due in February 2010 to discuss the proposed merger.
This is a somewhat surprising move for the NSW Teachers which has traditionally resisted such mergers in a bid to keep the numbers of credit unions high, with numbers falling from 700 in 1989 to around 140 now, mainly due to mergers.
mecu has also announced a merger with Melbourne based Maroondah Credit Union with mecu maintaining solid growth over the last 15 years since its origins as one of two teachers' credit unions in Victoria.
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