In a move that will expand IMB Bank's presence in the Hunter the Illawarra born bank is merging with Hunter United Employees' Credit Union Ltd.
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On Thursday members of Hunter United overwhelmingly approved the transfer of business to IMB Bank when 95 per cent of eligible votes were cast in favour of the resolution.
The IMB Bank Board also adopted the merger proposal which is now with APRA for final approval and expected to take effect on April 1.
The merger coincides with construction nearing completion on a new headquarters for the nationally expanding business which now boasts $6 billion in assets and 48 outlets in the Illawarra, South Coast, ACT, Sydney and Melbourne. Hunter United has 10,000 members, $335 million in assets and five branches.
Following the merger the combined organisation will boast 207,000 members, 53 branches, 600 employees and $6.3 billion in assets.
Hunter United chair Jann Gardner will join the IMB Bank Board as a director.
IMB Bank chair Noel Cornish said the two organisations shared a similar history, values and strong relationships with local communities. The goal was for the merged entity to become the leading customer owned financial institution in NSW.
Hunter United will operate in the Hunter as a division of IMB under its own brand. There will be no job losses .
Mr Cornish said there will be no change to IMB Bank's or Hunter United's members' present banking arrangements until the two separate banking systems are integrated in nine months.
IMB Bank chief executive Robert Ryan said it all coincides with the new headquarters opening in Wollongong and strategy to further expand the business.
He said discussions with Hunter United started in 2019
"We are growing really well organically. But where there are opportunities with smaller ADI's we will look at whether they fit strategically with us. Scale is a big thing in the world of banks".
Mr Ryan said IMB Bank already had mobile lenders and a business banker in the Hunter and had been looking at the possibility of opening a retail branch in Newcastle. But now it will have access to five established branches in the area.
The greater product suite and advanced digital technology it is bringing to the Hunter will be overseen from the new headquarters in Wollongong.
"We are looking forward to October/November when the building is due for completion and then we will move in," Mr Ryan said.
"It will bring all our operations based in the Illawarra together. We will very much be more agile and modern in the way we work together.
"It is a really exciting time for us. The building is being set up in a way that will allow us to expand and interact more with the community.
"The new building is really setting us up for the next phase of growth.
"In April we are 140 years old. The celebration comes at an exciting time when we have new digital facilities and are opening our new head office".
Read more:
- Former steelworks boss Noel Cornish is new chair of IMB
- IMB Bank reports profit and lending growth for 2018/19 financial year
- IMB Bank Community Foundation celebrates 20 years of offering money for community projects
- Size and agility allows IMB Bank to grow digitally online and physically with new branches in Sydney and the Hunter
- New era dawns for IMB
- IMB transforms into IMB Bank
- IMB welcomes special guest at 135th birthday
Greg Ellis
Almost four decades in electronic, print and digital media. A writer, presenter, emcee, photographer and videographer with degrees in business management, marketing and human resources and tertiary qualifications in photography.
Almost four decades in electronic, print and digital media. A writer, presenter, emcee, photographer and videographer with degrees in business management, marketing and human resources and tertiary qualifications in photography.
