We are delighted to inform you that members of both Holiday Coast Credit Union (Holiday Coast) and Regional Australia Bank have voted overwhelmingly in favour of the merger of our two proud organisations. Over 90% of members in both organisations voted in favour of the merger in separate Special General Meetings held on the 29th and 30th of May respectively. This vote that will now herald one of the largest mergers in the customer owned banking sector in recent times.
Whilst both Holiday Coast and Regional Australia Bank have been performing well in their respective adjoining markets, this merger will deliver tangible and immediate financial and non-financial benefits to our 85,000+ members, creating a strong and sustainable mutual financial institution in regional Australia.
The merger of these two excellent customer owned banking institutions will take legal effect on July 1, 2019 with systems migration to follow in the months soon thereafter.
We want to take this opportunity to thank members for their support.
Graham OlrichChairman Regional Australia Bank
Kevin DupéCEO Regional Australia Bank