New England and Hunter Mutual Credit Unions to merge

I see from the Armidale Express that the Boards of New England Credit Union (NECU) and Hunter Mutual have agreed to enter into a Memorandum of Understanding that, pending member approval, will lead to a merger between the two credit unions.

NECU is already the largest inland credit union in Australia and, upon completion of the merger  will have 73,000 members, 28 branches, four agencies, 240 staff and around $1 billion in total assets.

Under the agreed terms of the merger, Armidale will remain the headquarters of the new entity and Hunter Mutual’s trading name, branches, agencies and existing employees will be retained.