A credit union with humble beginnings supporting the basic banking and lending needs of Mount Isa Mines employees has transitioned to a state wide member-owned bank.
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Formerly called Queensland Country Credit Union and now called Queensland Country Bank it has asserted itself as a genuine alternative to major banks for Queenslanders.
Queensland Country Bank Chief Executive Officer Aaron Newman said the change is an exciting step forward which will enable the organisation to offer more competitive banking services while retaining its core values and commitment to Members.
"As a member-owned bank, we can offer a wider range of financial services, but our commitment to putting our Members and our communities at the centre of everything we do remains the same," Mr Newman.
"We are one of only 25 lenders nationally to be appointed to the panel of lenders issuing home loans under the Federal Government's First Home Loan Deposit Scheme, and have increased our services available to small and medium businesses.
Adding to their credibility, Queensland Country Bank was this week awarded an external credit rating of BBB/A-2 from S&P Global (S&P). Mr Newman says achieving an external credit rating will assist the organisation's continued growth by providing a broader source of deposits, which will in turn be used to fund the organisation's lending activities.
"Queensland Country Bank has experienced strong lending growth in recent years. Having an external credit rating will help us attract a greater source of funding so that we can help more Queenslanders with their home loans," Mr Newman said.
In developing their rating, S&P highlighted Queensland Country Bank's very strong capital position as a strength of the organisation.
"Holding strong levels of capital can give Members, and investors in particular, comfort that Queensland Country Bank is a safe, secure place to invest their money," Mr Newman explained.
"The rating we've achieved compares favourably with other financial institutions of a similar size and structure."
Queensland Country Bank officially launched its new brand and marketing campaign throughout the state this week, which was complemented by the opening of the Queensland Country Bank Stadium in Townsville, for which they have obtained naming rights.
Mr Newman says the strengthening of the organisation's financial services is good news for Queenslanders.
"It is certainly an exciting time of growth for our organisation, with consumers across Queensland set to benefit as we offer stronger competition to the major banks."
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