Beyond Bank Australia moves closer to a merger with First Choice Credit Union
- Memorandum of Understanding signed
- First Choice Credit Union members to vote on merger later this year
- A clear alignment of values, purpose, and commitment to local communities
Beyond Bank, one of Australia’s largest customer-owned banks, has signalled its intention to merge with First Choice Credit Union (FCCU), based in Orange, New South Wales.
The two entities will now move ahead with merger planning ahead of a vote by First Choice Credit Union’s 4000 members toward the end of 2023.
Beyond Bank, with more than 290,000 customers and over $8b of funds under management, has a large and robust presence across the Riverina region of NSW and throughout Australia.
FCCU, founded in 1970 by staff from local shire councils in the State’s Central West, holds assets of around $100m and, over the past five decades, has secured a reputation of being a community-invested, customer-focused financial institution.
First Choice Credit Union is a successful ‘ultra-niche’ mutual, providing financial services to its members in Orange, with agencies in Canowindra, Cudal Manildra and Molong.
Mr Paul Dawson, First Choice Credit Union’s General Manager, said, “We are very excited to become part of Beyond Bank’s network. They have a strong track record of supporting local communities where they are represented”.
The credit union will integrate into Beyond Bank’s extensive regional and metropolitan network, creating access to the Bank’s full suite of banking products and services and extending Beyond Bank’s community program to the local region.
Importantly, all existing staff at FCCU will be offered roles in the merged organisation.
“We are very pleased to be enjoying highly constructive talks with FCCU as we are aligned in many ways through our vision, values and commitment to working for and with local communities,” said Mr Robert Keogh, CEO of Beyond Bank.
“We look forward to providing updates as discussions progress.”
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