A possible merger between credit unions Mecu and Bendigo-based RegionalOne is being discussed, which would create one of Australia’s largest credit unions, according to Mecu.
If the merger proceeds, the combined RegionalOne and Mecu assets would exceed $2 billion, with more than $220 million in capital, 30 service centres located throughout the country and around 300 staff, a Mecu statement said.
Mecu chairman Peter Crocker said members, staff and regional Victorian communities would benefit from the proposed merger.
“The Mecu board believes this merger between our two credit unions will create opportunities for members and staff, which only strong, progressive, mutually-owned financial institutions can deliver,” Crocker said.
Staff and branch stability are a key consideration in the discussions, according to Mecu chief executive Phylip Doughty.
“All RegionalOne branches and branch staff will be retained, should the merger proceed.”
Both RegionalOne and Mecu are now conducting a systematic appraisal of information, which will clearly demonstrate the benefits of a merger to members in terms of interest rates, fees, services and access.
Doughty said discussions would continue over the next month and members of both credit unions would be advised of the outcome.
