Bankstown credit union merges with Unity Bank provides greater stability, services for members
The merger of Bankstown City Credit Union with Unity Bank creates a strong, sustainable financial institution, with more branches, ATMs and products for members, says the boards of both organisations.
The Express
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The merger of Bankstown City Credit Union with Unity Bank creates a strong, sustainable financial institution, with more branches, ATMs and banking products for members, says the boards of both organisations.
Earlier this month, the credit union became a division of Unity Bank, changing its name to Bankstown City Unity Bank, after BCCU members voted overwhelmingly for the merger in April.
The 50-year-old BCCU had about 4100 members prior to the merger and now joins the mutual Unity Bank with almost 40,000 members, assets over $1.06 billion and 24 branches across Australia.
Unity Bank CEO Mark Genovese, whose father Alex was the head of the credit union when it was the Bankstown Municipal Council Employees Credit Union, extended a warm welcome to BCCU members.
“We have changed our name but not our commitment to the community we support,” he said.
“We look forward to providing them (BCCU members) with competitive products and excellent service.”
Mr Genovese said Unity Bank was 100 per cent owned by members with no external shareholders; surplus funds went back to members with products, services and community investment.
Former BCCU CEO Peter Mogg said the merger was exciting for members and staff.
“The board and management took great care in selecting a partner, and believe wholeheartedly that Unity Bank supports and maintains a similar ethos to our credit union,” Mr Mogg said.
No job losses will occur as a result of the merger and two long-term BCCU directors, Raad Richards and Darren Gossling, are on the Unity Bank board.
Among the new benefits for members is access to 9700 direct charge fee free ATMs.
Information: bccu.com.au
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