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I am pleased to share with you that Regional Australia Bank has commenced merger discussions with Holiday Coast Credit Union which is based in Wauchope near Port Macquaire, NSW. The proposed merger is subject to approval of the Australian Prudential Regulatory Authority (APRA).
The Directors of Regional Australia Bank and Holiday Coast Credit Union have recognised the alignment of our respective cultures with a shared passion for customer service and community engagement. We see the proposed merger delivering immediate tangible financial and non-financial benefits to members, with a sustainable customer owned bank providing greater product diversification, simplified fee structures and competitive pricing.
Over the next few months, we will be developing our merger plans in readiness for a member vote. Once we have approval from APRA and you, our members, we anticipate the formal merger of the two organisations will occur by June 30, 2019.
Chief Executive Officer