The opportunity to build a genuine, customer-owned alternative to the big banks for all Queenslanders is the driving force behind the completed merger with ECU, along with the proposed merger of Queensland Country Credit Union and Queenslanders Credit Union.
The proposed merger will form the second largest Queensland based Credit Union, with assets approaching $2 Billion and a network of 33 branches and agencies stretching from Stanthorpe in the south to Weipa in the north and west to Mount Isa. It would see Queenslanders customers enjoy a wider range of banking services and access to Queensland Country’s award winning Health Fund.
This page will provide updates for Members, to keep you informed of the proposed merger with Queenslanders Credit Union.
Find out more
Please visit this page regularly for updates, or call us on 1800 075 078 for more information. To submit an enquiry or any feedback, you can also email firstname.lastname@example.org.
About the merger
About Queenslanders Credit Union
- Queenslanders was formed in 1963 as the Queensland Public Service Employees’ Credit Union.
- Some of the Credit Unions that have merged into Queenslanders over their history include Austax Credit Union, Ipswich Credit Union; Queensland Coal Mining Industry Credit Co-op and Media Credit Union
- They currently have approximately 17,000 customers, employ 52 staff and have total assets of almost $350 Million.
- Queenslanders have a network of five branches: Brisbane (George Street), Townsville (Annandale) and Ipswich (Booval, Brassall and Yamanto).
- Queenslanders support local communities through sponsorships and donations in a similar way to Queensland Country Credit Union. They support such groups as the Ipswich Rugby League Referees Association, the South Brisbane Rugby Union Club, Ipswich Junior Cricket and Ipswich Cycling Club.
What will the merger with Queenslanders Credit Union achieve?
- A stronger, more resilient, Queensland centric, mutually owned organisation
- Significant operational savings from head and back office synergies, which could be used to fund improved services and functionality
- The opportunity to grow
- An improved range of products, services and access channels for our combined Members
- An enhanced commitment to our Members, communities, and the customer-owned banking model
What will this mean for Members?
The alliance will deliver significant benefits for Members. The merger will provide the organisation with the capacity to introduce new products and services to meet the future banking needs of Members.
Why is this a good move for the business and what are the benefits?
A merger builds a stronger more resilient business.
The merger will make the new organisation a strong local alternative in banking and strengthen the future of customer owned banking in Queensland. The merger will result in signficant operational savings, with competitive products and a great service offer. As always, our Members are our focus.
It also means:
- Total assets over $2 Billion.
- The 12th largest customer-owned banking organisation in Australia.
- The second largest credit union in Queensland.
- Approximately 320 staff.
- 33 branches and service centres.
What does it mean for staff and how will it impact on branches?
The merger opens up new opportunities for staff who work with us but there are not expected to be any changes to staffing in the initial phase of the integration. We do not anticipate any branch closures in the medium term. Any decisions to streamline services to drive operational efficiencies in the long term will be balanced by what is in the best interest of Members.
Will this lead to the closure of branches in the near future?
In line with the desire to grow the credit union in South East Queensland, the merged organisation has committed to retaining the current Queenslanders Brisbane CBD branch, together with branch representation in Ipswich.
The location and number of branches comprising the combined branch network may be reviewed over time in line with normal strategic and business plans.