Over 90 per cent of members of both Regional Australia Bank and Holiday Coast Credit Union (HCCU) have voted in favour of merging.
The decision came as both entities held separate special general meetings this week and the vote carried a resolution that would see one of the largest mergers in the customer owned banking sector in recent times.
Graham Olrich, chair of Regional Australia Bank, said the merger was necessary to help both companies grow as demand increases from customers turning away from the big four banks.
“While both HCCU and Regional Australia Bank have been performing well in their respective adjoining markets, we see this merger delivering tangible and immediate financial and non-financial benefits to members of both organisations,” he said.
Olrich said it would help preserve a strong and sustainable mutual financial institution in regional Australia.
“We are excited by the prospect of value that this merger will deliver for our members,” Olrich said.
“Competitive products and services, fair fees & charges as well as greater investment in technology and service systems for the long-term will be some of the key benefits.
“This is what the partnership is all about, creating sustainable value for members and offering genuine support to the communities where they live and work.”