Wagga Mutual and Community CPS merger gets tick of approval
Announcement posted by Beyond Bank Australia 16 May 2011
Finance industry regulator, the Australian Prudential Regulation Authority (APRA), has given the green light for Wagga Mutual Credit Union to merge with industry peer, Community CPS Australia.
Community CPS Chairman, Chris Doogan, said the decision would allow Wagga Mutual to provide members with better products and services, and strengthen its future commitment to the region.
"For more than 46 years Wagga Mutual has provided its members with an outstanding, localised service and this will not change," said Mr Doogan.
"This partnership will in fact make Wagga Mutual an even better credit union, capable of tailoring banking and financial solutions to the needs of people living in Wagga and surrounding areas.
"Joining forces with a financially strong and nationally recognised credit union brings a whole range of benefits to Wagga Mutual members, including award winning products, a higher level of personalised service, better internet banking and increased access to over 3,400 ATMs Australia wide.
Wagga Mutual Chairman, John Harding, said their community support will continue. "Community CPS and Wagga Mutual also share a strong record of community support and together we plan to reach even more people.
"Through the Community Development program we want to assist local communities with sponsorships and grants, while the unique local Community Sponsorship Account will continue to support charities and not-for-profit organisations," said Mr Harding.
"Later in the year we will launch a Community Support Fund which will be kick-started with a $50,000 contribution from Community CPS. We will also establish a Community Advisory Committee, which I will Chair, to enable
respected leaders in the local community to give their views on the major issues affecting their local communities, as well as providing an avenue to Community CPS on its operations in the Wagga region."While some changes to products and the banking system are necessary to complete merger proceedings, Wagga Mutual and Community CPS are working closely with members to answer any questions and discuss their concerns.
Members of Wagga Mutual will become part owners of Community CPS on 4 June 2011, creating a credit union with more than 186,000 members across Australia, approximately $3.3 billion in assets under management and around $400 million of funds under advice.
| About COMMUNITY CPS AUSTRALIA Community CPS Australia is one of the country’s leading credit unions. With more than 178,000 members, Community CPS employs 550 staff across branches in South Australia, the Australian Capital Territory and regional New South Wales, and operates as United Community in Western Australia, and as Companion Credit Union in the Hunter Valley. The credit union has $3.1 billion worth of assets under management. For more information visit www.communitycps.com.au |
| ABOUT WAGGA MUTUAL CREDIT UNION Wagga Mutual was established in 1968 and has a proud history in the community of Wagga. The credit union has more than 8,000 members and manages a combined $88 million in assets. Wagga Mutual has three branches in Wagga Wagga, Coolamon and Ganmain in NSW. For more information visit www.waggamutual.com.au |