First Choice Credit Union members have overwhelmingly voted in favour of a merger with Beyond Bank Australia, with 93% voting to proceed at a Special General Meeting held in Orange, NSW, on Thursday, 7 September.
Both organisations have followed the adequate adoption process, and necessary documents have been lodged with APRA for approval. Subject to this, the merger will occur on 1 February 2024.
Beyond Bank, with over 295,000 customers and $9b of funds under management, is one of the largest customer-owned banks in Australia. The merger will see First Choice Credit Union’s 4,000 customers gain access to Beyond Bank’s extensive regional and metropolitan national network.
“We are delighted to merge with First Choice Credit Union as we are aligned in so many ways, including our shared values, a common purpose, and a joint commitment to supporting local communities, including those in regional Australia”, said Mr Jake Bromwich, CEO of Beyond Bank Australia.
“We look forward to progressing this potential merger over the coming months and welcoming all First Choice Credit Union staff to the Beyond Bank family, where they can continue to progress their career while still living and working in regional Australia.”
First Choice Credit Union General Manager Paul Dawson agreed and said the merger will further boost the suite of banking products and services available to members.
“Combining forces with Beyond Bank Australia, a pioneer in customer-owned banking known for its robust financial standing and extensive service presence in regional Australia, enables us to offer our members an expanded range of customer and community-centric services,” said Mr Dawson.
All First Choice Credit Union staff have been offered roles in the merged organisation.
System integration to ensure a smooth transition of all data has been planned for early April, and there will be no disruption to customers during this time.
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