Police Credit Union now a Member Owned Bank
Announcement posted by Police Bank 05 Sep 2012
A special General Meeting of Members held 5 September 2012 passed a resolution to enable NSW Police Credit Union to become Police Bank Ltd (trading as Police Bank) from 1 December 2012.
The vote was overwhelmingly endorsed with over 92% of Members who voted supporting the name change.
Chairman Ken Moroney said that the move was part of an exciting time for the organisation.
“We take great pride in being a financial institution owned by its Members. Rebranding ourselves as a mutual bank is part of a change that is taking place in Australian banking, with member owned banks like us stepping up to offer an alternative to the big four banks,” Mr Moroney said.
“Australians are starting to realise the value in mutual financial institutions which aren’t run solely for the profits of shareholders. As a bank we are not demutualising and therefore don’t have outside shareholders to satisfy, our focus is on offering a fair deal and outstanding service to our Members.”
Chief Executive Officer Bruce Williams told the meeting the final step to make the rebrand a reality was to receive approval from the Australian Prudential Regulation Authority (APRA) to trade as a Mutual Bank, and that the organisation was in consultation with APRA to finalise this. He also reinforced the future direction of the organisation.
“Going forward Police Bank will provide the best of both worlds – the strength, market standing and greater opportunities available as a bank while retaining the same service, attention and ethics that Members value so greatly. Importantly we will continue to maintain competitive interest rates and low fees, backed by quality service, “ Mr Williams said.
“Even though the name of the organisation will change, Police Bank would still remain true to its values. The things that made us great as a credit union are the same things that will make us great in our new era as Police Bank.”
“We are committed to remaining a member owned organisation, we will still put our members before profits and remain a strong, secure financial institution.”
ENDS
