IMB Bank has completed its merger with Hunter United Employees' Credit Union Ltd after receiving regulatory approval from the Australian Prudential Regulation Authority.
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IMB Chief Executive Robert Ryan said the transfer of Hunter United to IMB Bank was now complete and for the next few months Hunter United will operate locally in the Newcastle area under its own brand as a division of IMB.
Mr Ryan said the expansion came at an exciting time for IMB Bank as it celebrates 140 years.
"The merger was overwhelmingly supported by Hunter United members earlier this year, and we are pleased that it strengthens our ties with the Newcastle-Hunter community and increases our distribution capability"
Mr Ryan said IMB and Hunter United were like-minded organisations with proud histories of community support and doing the right thing by their customers.
"Together we'll continue to bring our customer-focused, personal style to more people. The merger will allow Hunter United to better meet the challenges of increased competition in the banking sector and the increasing costs of operating and responding to regulatory change. Hunter United members will benefit from an expanded range of products and services".
Mr Ryan said IMB looked forward to expanding its community programs and investment into Hunter. That includes IMB Bank Community Foundation grants to community and not-for-profit initiatives to deliver sustained and positive change in our communities.
Hunter United chief executive Tim Blomfield said the merger with IMB Bank was an important step, not just for the organisation but for members and local communities.
"As a customer owned bank, IMB share our values and belief to act in the members' interests and support our community. A wider and more competitive range of products, improved technology and services and career opportunities for our team staff are just some of the benefits this merger will provide," Mr Blomfield said.
Meanwhile construction is still on track for the new IMB Bank headquarters in Wollongong to be completed in the final quarter of 2020.
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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.
