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Wednesday, 29 May 2019 01:00

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During November 2018 members were informed that the boards of directors of Endeavour Mutual Bank and Sydney Credit Union had agreed to merge the two organisations in order to provide improved benefits to members. The combined entity will have an asset size of over $1.5bn and over 75,000 members, and will be focused on delivering immediate and tangible benefits to all members.All members will soon receive a Notice of Special General Meeting, a proxy form, and an Information Document that contains complete details of the proposed merger between the two organisations. The Information Document details the reasons for the merger and explains the member benefits.

All necessary regulatory approvals have been obtained from the relevant authorities including the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC).

The Endeavour Mutual Bank and new Sydney Mutual Bank brands will be maintained, and the merger of these two historically similar organisations will increase the number of branches available to members to twenty-six, will allow for improved pricing and interest rates, and provide for the timely development of new electronic payments capability.

This is an important and exciting milestone for these two member owned mutual banking organisations. The Banking Royal Commission showed that mutuals are not motivated by greed. Indeed it may well be that a mutually owned structure is the only way that a bank can operate ethically.

We encourage you to participate in the vote by attending the Special General Meeting or by returning the proxy form.

The Board of Directors of Endeavour Mutual Bank, as well as the management and staff, unanimously support the proposed resolution to merge with Sydney Credit Union.

Important Documents

Yours sincerely

Fiona Bennett
Chair of the Board

Mark Worthington
Chief Executive Officer