Three Hunter Valley-based credit unions have announced plans to merge.
Companion Credit Union, Hunter United Employees'Credit Union and Phoenix Credit Union will join forces in what is described as "a genuine partnership that will deliver a strong, member-owned organisation with a better position for future growth".
Michael O'Connor, chairman of Companion Credit Union, told Mortgage Business: "The amalgamation will create a larger credit union that will have the scale to provide an increased range of products, better services and competitive rates and fees to benefit all members."
O'Connor said that the merger had been under discussion for some time and was not the result of the current credit squeeze.
If approved by members, the merger will create a union with assets of more than $460 million, more than one hundred staff across 17 sites, and a network of 63 ATMs. Members will vote 29 November to determine the new name and CEO.
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