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Bright future for Victoria’s largest mutual

mecu Limited and Bendigo based RegionalOne Credit Union have officially merged today. This merger reaffirms mecu’s position as Victoria’s largest mutually owned financial institution.

The merger has created a dominant Victorian credit union with assets exceeding $2.2billion, over $223million in capital, 20 Service Centres located throughout the state and over two hundred staff based in regional Victoria. The credit union now service over 100,000 members living in Victoria alone with more than half of these members residing throughout regional Victoria.

The merger will see the credit union invest in a range of new products and services targeting both existing and new members.

mecu has a strong track record of decentralising key areas of its operations into regional Victoria. Today around half of mecu’s staff live and work in Gippsland. This commitment to regional development will see mecu make a further investment into RegionalOne’s Bendigo and Ballarat operations.

Amongst the many significant benefits of the merger to all members, staff and the communities served by expanded credit union are:

• A broader range of competitive products and services.
• Enhanced career opportunities for all staff.
• Greater resources to pursue opportunities for further growth across the state.
• Greater scale and expertise to match a sophisticated and competitive financial services market.

This merger offers an exceptional opportunity to invest in the development of a strong credit union presence across regional Victoria, offer Victorian’s a greater choice in banking and to further increase competition amongst financial institutions.

RegionalOne Credit Union’s operations will now be gradually integrated into mecu over coming months and members shall be kept fully informed on these processes.