Summerland Credit Union rebrands to Summerland Bank as it redevelops Lismore headquarters after 2022 floods
A Northern Rivers business which employs more than 100 people is about to mark six decades in operation as it undergoes significant changes and rebuilds its HQ.
Regional News
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A long-running business based in the Northern Rivers which employs more than 100 people is about to mark six decades in business as it undergoes a shake up and rebuilds its HQ.
Summerland Credit Union has announced this week it will now go by Summerland Bank.
Chief executive officer John Williams explained that credit unions are increasingly rebranding as banks because younger generations do not know what they are.
Started in 1964, Summerland employs 110 people in 2023 and pays out about $10 million in salaries each year.
Summerland recorded $1.048 billion in assets and a net profit of more than $7.2 million last financial year and it has more than with over 27,000 customers across northern NSW and the Gold Coast.
Mr Williams said the rebranding was to provide clarity.
“Research has shown that a lot of people in Australia do not understand what a credit union is,” he said.
“Whereas if you say that you‘re a bank, they’re very clear about what products and services you provide.
“The primary service, which we offer is residential mortgage lending. And we really want to help young people into their own homes, and increasingly so, younger people particularly do not truly understand what a credit is. Whereas if you’re a bank they do understand.
“Now as a bank, we are still owned by our customers, still run by the people who bank with us … ”
The rebranding comes as Summerland is continuing to work on its $2.5 million redevelopment of its Molesworth St, Lismore headquarters after the devastating 2022 floods.
“We’re hoping that will really give some confidence to consumers as well as the business community,” Mr Williams said.
Mr Williams said Summerland was not demutualising and listing on the Stock Exchange
. Credit unions are governed by the same legislation and regulation that bigger banks are.
The main difference is credit unions – mutual funds, or billing societies – are “owned by customers” while bigger banks, or “investor owned banks” are beholden to shareholders.
Mr Williams said: “So everybody that has a deposit product with us, they are entitled to a vote or a say in the running of our organisation.”
Summerland does not invest in fossil fuels, gambling, tobacco or mining and Mr Williams said it has “a very strong environmental position – and have done for many years”.
“We have quite a firm position on the things which we won’t do,” he said.
The rebranding will include revamped branches and team uniforms.
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