South West Credit will merge with Beyond Bank Australia after members voted overwhelmingly in favour of the decision at a special general meeting held yesterday.
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A total of 92.62 per cent of the credit union's members voted for the merger, which will officially take place on April 1.
All the necessary documents have been lodged with the Australian Prudential Regulation Authority for approval and both organisations have followed standard adoption processes.
It's expected the systems will integrate in early September and all data will be transferred without disruption to customers.
All existing staff at the Lava Street office have also been offered roles.
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South West Credit chief executive officer David Brown said the decision to merge with Beyond Bank would increase services and the number of products available to members.
"Combining forces with Beyond Bank Australia, a leader in the customer owned banking sector with its strong financial position and a regional Australia service footprint, will allow us to provide members with a broader array of customer and community focused services," he said.
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Jessica Greenan
Journalist at The Warrnambool Standard covering both Moyne Shire and Corangamite Shire Council. Sometimes court. Special interest in all things environment.
Journalist at The Warrnambool Standard covering both Moyne Shire and Corangamite Shire Council. Sometimes court. Special interest in all things environment.
