The Fire Brigade Employees Credit Union has signed a memorandum of understanding (MOU) with Teachers Mutual Bank to merge the two credit unions. A merger cannot take place without the more than 7,200 FBCU members agreeing to the proposal and the proposal is expected to be put to FBECU members for a vote in the middle of this year after due diligence and regulatory approval from APRA.
The FBECU has in excess of $210 million in assets and the Teachers Mutual Bank is one of the largest mutual banks in Australia.
It is the intention to retain the FBECU brand and continue to market the two credit unions separately although it is understood there will be meaningful savings associated with the streamlining of administration and reporting.