Two regions to benefit as Summerland Credit Union and Coastline Credit Union enter merger discussions
We would like to advise members of some important plans in relation to a merger between Summerland Credit Union and Coastline Credit Union.
The Board of Directors of both Summerland and Coastline Credit Unions have signed a Memorandum of Understanding to explore the potential benefits a merger between the two Credit Unions could provide to their respective members.
With combined assets of more than $1.2b the new organisation will be more competitive in the marketplace as it develops new and innovative products and provides even greater service to members in the coming years. Members of both Credit Unions will also enjoy the benefits of an extended branch network with 16 branches from Coolangatta in the north to Taree in the south. Furthermore, under the proposal both Summerland and Coastline would continue to trade under their existing brand names.
Due diligence has commenced and while there are a number of regulatory approvals and a member vote to make the merger a reality both Credit Unions believe the merger to be in the best interests of all customers and will certainly be advising members to support this merger.
For more information:
Margot Sweeny, CEO Summerland Credit Union, phone: 1800 802 222
Peter Townsend, CEO Coastline Credit Union, phone: 1300 361 066