Queenslanders Credit Union and Queensland Country Credit Union will join forces to become the second largest credit union in Queensland.
At the Queenslanders Annual General Meeting on 30 November, 93% of members who voted were in favour of merging with Queensland Country.
It is the second merger this year for the Mount Isa-born QCCU following the merger with ECU in February.
The merger will officially happen on April 1, 2018, forming a credit union with assets approaching $2.1 billion and a network of 33 branches and agencies stretching from Stanthorpe in the south to Weipa in the north and west to Mount Isa.
The opportunity to build a genuine, customer-owned alternative to the big banks for all Queenslanders was the driving force behind the merger.
Queensland Country Chair Bruno Cullen will be Chair of the merged organisation, with Queenslanders Chair Christine Flynn to become the Deputy Chair.
Ms Flynn said the economies of scale achieved as a result of the merger will support large scale capital investment in technology and systems, fund improved services and ensure the continued competitiveness of product pricing.
“The merger will see us achieving growth, with enhanced promotion of the organisation throughout the state,” she said.
Mr Cullen said the merger will build a strong, resilient, Queensland centric, customer-owned banking organisation that is better equipped to invest in technological advances such as the upcoming introduction of real-time payments.
“Both credit unions have always been committed to offering values-based, easy, fair, locally owned banking products and services,” he said.
“This merger will protect and enhance this commitment to our customers, our communities and the customer-owned banking model.”
Personalised communication will be sent to all Queenslanders members in the coming months.