Member News
Member News Maritime, Mining & Power Credit Union Ltd and Australian Country Credit Union Ltd (Reliance Member Banking) join forces.
The Boards of Maritime Mining & Power Credit Union (MMPCU) and Australian Country Credit Union, (trading as Reliance Member Banking) have entered into a Memorandum of Understanding to merge the two organisations.
The proposed merger will see the new Credit Union boasting assets in excess of $600m with 32,000 members and a network of 26 branches across Australian capital cities and regional communities. The merged Credit Union will continue to be known as the Maritime, Mining & Power Credit Union.
The Chairmen of the two credit unions, MMPCU’s John Coombs and ACCU’s Denis Yeo are confident that the proposed merger will receive the full support of members due to the substantial benefits that will flow from combining the strengths of the two successful organisations.
Under the agreed terms of the merger Bathurst will remain as a regional head quarters and the “Reliance Member Banking” trading name, branches, agencies and existing employees will be retained.
Mr. Denis Yeo, Australian Country Credit Union’s Chairman said that “The Board was committed to joining forces with a credit union that had a vision and plan to look after the interests of members, staff and the communities that Reliance has served over the past 43 years. In MMPCU we have found that partner and the merger will provide members with additional products, greater branch access and extremely competitive pricing”.
“The Board is also very excited about the expansion opportunities this merger will provide, as we appreciate the economic and social benefits “face to face” financial services deliver in rural and regional communities.” Mr Yeo said.
MMPCU Chairman, Mr. John Coombs said “for some time our Credit Union has been expanding into the mining and energy communities in regional NSW which has contributed to the substantial growth we are experiencing. Over recent years our operations in Lithgow and surrounding communities have confirmed the tremendous opportunities that exist in the Central West and we are extremely confident that this merger will provide significant benefits for the region.”
Whilst both Credit Unions are in a strong financial position, the Boards are mindful of the importance of planning for the future to ensure the organisation’s longevity and successful delivery of members’ needs is sustained for many generations to come.
Contacts:
Mark Genovese
Chief Executive Officer
Maritime, Mining & Power Credit Union
Ph 02 8263 3228
Mobile 0400 240125
Email:
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John May
Chief Executive Officer
Australian Country Credit Union
Mobile 0411170464
Email:
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MMPCU was formed in 1970 to cater for workers employed within the maritime industry and their families. Over recent times their bond has been expanded to cater for mining and energy communities in regional Australia. It has branches in most of the mainland capital cities as well as Lithgow, Cessnock, Muswellbrook, Port Kembla, Newcastle, Port Botany, Warners Bay, and Moranbah. MMPCU has 21,000 members and assets of $460 million.
Australian Country Credit Union (Trading as Reliance Member Banking) was formed in 1967 and has sustained continual growth over the past 43 years to build its asset base to over $130 million. Its 11,500 members are largely concentrated in the Central West of NSW centred around Bathurst and surrounding regions. It also has members within Sydney and Parramatta from its State Government origins.
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