The Boards of Macquarie Credit Union and Orange Credit Union are pleased to announce today a Memorandum of Understanding has been agreed to explore the possibility of merging the two-longstanding member-owned banking organisations based in the Dubbo and Orange regions.
Collaboration between the two credit unions has already demonstrated a strong affinity with both organisations sharing similarities in their customer base, business operations, and strategic outlook.
The Boards recognised a shared heritage and cultural fit where both credit unions were founded in 1964 from manufacturing employee groups and have continually developed in their respective communities as well-known, trusted local brands with a loyal customer base.
In addition, both credit unions have an aligned commitment to the values of a mutual which places people before profits and is committed to offering competitive products and services for its members and future generations.
Macquarie Credit Union Chair, Mr David Rootes said a potential merger presents an exciting opportunity for both organisations to be stronger together, delivering many strategic and operational benefits to further enhance the customer experience for long-term, sustainable growth.
“By combining expertise, sharing resources, IT and backend systems, significant savings are expected to be gained enabling optimisation of product development and service delivery. This presents an even greater opportunity to further strengthen relationships with our customers and the communities where we live, work and support,” Mr Rootes said.
Orange Credit Union Chair, Mrs Amanda Mooney said joining forces will bring a platform for ongoing growth and development of new offerings whilst continuing to provide traditional branch-based banking at a local level.
“The sustained success of both Macquarie and Orange Credit Unions throughout almost 60 years clearly shows the community values local banking providers where the decisions are made right here within the region and the focus is people before profits,” Ms Mooney said.
“In a time of rapid change and the need to invest in digital banking services, the pooled resources and expertise from a possible merger will enable members to better utilise new banking channels without losing the ability to connect face to face with locals who are backing locals.”
A due diligence process is to be conducted by both organisations over the next several months before a possible merger is presented to the regulators for review and required approval.
Following this, members of both credit unions are likely to be provided with further information about the proposal prior their respective Annual General Meeting or Special General Meeting later in 2021.
Subject to all required approvals, it is anticipated the merged credit union will be formed in March 2022.
While it is only early days, it is anticipated the combined entity would create the largest locally based credit union in the Central West of NSW, representing around 18,000 members and assets of approximately $380 million.