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The Directors of Regional Australia Bank and Holiday Coast Credit Union are pleased to announce the commencement of merger discussions.
Regional Australia Bank’s Chairman Graham Olrich said that, "from our initial discussions with Holiday Coast Credit Union, it became very apparent that we share strategic alignment and a passion for member service - an essential ingredient in any successful merger."
The combined entity will have an asset size of over $2bn, focused on delivering immediate tangible financial and non-financial benefits to its members. With greater product diversification, simplified fee structures and competitive pricing, members will enjoy an even greater, sustainable, customer owned banking experience.
Due diligence will now commence and once approval is received from both the Australian Prudential Regulatory Authority (APRA) and respective owner/members, a formal merger of the two organisations is anticipated to be completed by 30 June, 2019. It is proposed that the merged organisation will continue to operate both Regional Australia Bank and Holiday Coast brands in their respective locations.