Beyond Bank Australia and Country First Credit Union announce plans to merge

Customers will be the big winners from a planned merger between Country First Credit Union and Beyond Bank Australia.

The two organisations have signed a Memorandum of Understanding and have now commenced the due diligence process.

The merger will offer an expanded range of services to members across Australia, in excess of $4 billion in assets under management and a stronger position in the national financial services market.

“As a customer owned organisation, we are both committed to members, staff and the local community and together we will have an even greater capacity to develop financial solutions that offer the best value to members,” said Beyond Bank, Chief Executive Officer, Robert Keogh. 

Mr.Keogh said the Boards of both organisations also shared a strong cultural alignment and similar strategic aims.

 “The proposed merger will build on our commitment to regional Australia and provide a very clear alternative in the market”.

Country First Credit Union General Manager Denis Conroy agreed, saying all future decisions will be taken with the best interests of the members and staff of both organisations with a shared commitment to maintain existing staff and branch structures.

“Our business has been growing steadily but competition in the marketplace is intensifying and we recognised that merging with a like-minded organisation presented an opportunity to expand our products and services,” said Mr Conroy.

“The merger is subject to Country First Credit Union member approval but we firmly believe that it will position us for the next stage of growth and development.”

Located in Griffith, NSW Country First Credit Union has a branch in Leeton and an agency in Narrandera.

It has around 3000 members in the State’s Riverina region and assets of $29 million.

This complements Beyond Bank’s existing network which covers Wagga Wagga, the ACT and Hunter regions, regional South Australia, Adelaide and over to Perth.

Both organisations also have strong relationships with local communities and look forward to expanding and developing community programs once the merger is finalised.