I’m excited to announce that our Board of Directors has begun proceedings towards a merger with Firefighters Credit Co-operative Limited in Victoria.
About Firefighters Credit Co-operative Limited
Firefighters Credit Co-operative Limited is a small credit union with seven (7) employees, approximately 3,100 members and $63M in assets. Established in 1976 to look after the welfare and financial needs of firefighters across Victoria, Firefighters Credit Co-operative Limited has to this day remained committed to meeting the financial needs of firefighters and emergency service workers and their families. Like many small credit unions, Firefighters Credit Co-operative Limited faces growing commercial and technological challenges in a rapidly changing industry.
Why the merger?
This merger is a great fit for both organisations. We are both member-owned financial institutions supporting essential service workers. Given the close alignment with Firefighters Mutual Bank, we will be able to bring Firefighters Credit Co-operative Limited members across to Teachers Mutual Bank Limited without the need to develop a new brand. Both organisations are fully committed to focusing on our members and providing them with the highest level of service.
Joining Teachers Mutual Bank Limited under the Firefighters Mutual Bank brand will allow Firefighters Credit Co-operative Limited to continue to be sustainable into the future. In turn, this merger supports our strategic objectives of growing our membership base and expanding our presence in Victoria.
What’s happening next?
In order for any merger to proceed, three things need to happen.
- Over the coming months Teachers Mutual Bank Limited and Firefighters Credit Co-operative Limited will undertake a due diligence process, with a view to merge in the first half of 2021.
- Subject to the due diligence requirement being successfully completed, Firefighters Credit Co-operative Limited Members have to be given the opportunity to vote on the desirability of any proposed merger. A proposed merger can only proceed if at least 75% of Members voting support the proposal recommended by the Board of Directors. Teachers Mutual Bank Limited Members won’t be required to vote on the merger with Firefighters Credit Co-operative Limited.
- The merger arrangement as approved by the Members of Firefighters Credit Co-operative Limited would still require the approval of the industry regulators.
As more information on the merger becomes available, further updates will be released on our website.
Should you have any further questions, please contact us on 1800 800 225 or by email at [email protected]
Regards
Jim O’Connell
General Manager, Firefighters Mutual Bank
