Local credit union and bank discuss merger
THE Directors of Regional Australia Bank and Holiday Coast Credit Union have announced the start of of merger discussions between the financial institutions.
"From our initial discussions with Holiday Coast Credit Union, it became very apparent that we share strategic alignment and a passion for member service - an essential ingredient in any successful merger," Regional Australia Bank's Chairman Graham Olrich said.
He said the combined entity would have an asset size of over $2billion, focused on delivering immediate tangible financial and non-financial benefits to its members.
For the customer this is designed to offer greater product diversification, simplified fee structures and competitive pricing.
"Members will enjoy an even greater, sustainable, customer owned banking experience."
Due diligence will now commence and once approval is received from both the Australian Prudential Regulatory Authority (APRA) and respective owner/members, a formal merger of the two organisations is anticipated to be completed by June 30, 2019.
It is proposed that the merged organisation will continue to operate both Regional Australia Bank and Holiday Coast brands in their respective locations.