South West Credit Union has entered merger discussions with Beyond Bank, stating the proposal would strengthen its community-focused services.
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The proposed merger is subject to regulatory and South West Credit Union member approval, with merger finalisation expected in early 2022.
South West Credit Union chief executive officer David Brown assured residents the bank continued to be in a strong financial position.
"The Board has sought to identify a mutual partner that shares our values and commitment to members and the community to go forward with in our next phase of growth," Mr Brown said.
"Combining forces with Beyond Bank Australia, a leader in the customer owned banking sector with its strong financial position and a regional Australia service footprint will allow us to provide members with a broader array of customer and community-focused services."
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Beyond Bank chief executive officer Robert Keogh said both organisations shared a strong cultural alignment and similar strategic aims.
"As customer owned organisations, both are committed to members, staff and the local community and we feel that together we will have greater capacity to deliver financial solutions that offer the best value to members," Mr Keogh said.
"Our Bank has a strong position in the national financial services market and this proposed merger will build on our commitment to regional Australia and provide a very clear alternative in the market for people in Warrnambool.
"Maintaining a customer-owned approach is central to both organisations, as is our prime purpose of creating and returning value and through this help change the lives of our members. We aim to be the best bank for members and their communities. This cooperative philosophy enables us to position the combined business as a real financial alternative in the community."
The Standard has asked if this new development is a takeover by Beyond Bank and whether there will be a name change.
Comment has been sought from CEO David Brown.
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