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Macquarie Credit Union in Merger Talks with Regional Australia Bank

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The Directors of Macquarie Credit Union and Regional Australia Bank are pleased to announce the commencement of merger discussions, merging the two-longstanding member-owned banking organisations based in regional Australia, with a strong representation in the central western region of New South Wales.

Macquarie Credit Union Chairman David Rootes comments on the proposed merger ‘Merging with Regional Australia Bank provides an exciting opportunity for Macquarie Credit Union, members in a rapidly changing economic climate. Investing in digital banking services whilst continuing to provide traditional branch-based banking at a local level remains at the forefront of our priorities. The sustained success of both Macquarie Credit Union and Regional Australia Bank throughout almost 60 years clearly shows that the community values local banking, where decisions are made right here within the region and the focus is on people before profits.’

The combined entity will have an asset size of over $3.35bn and will be focused on delivering immediate tangible financial and non-financial benefits to existing members of both entities as a result of this unity.‘As mutual entities, we are committed to investing back into our regions, both responsibly and sustainably. We continue to seek ways to empower all regional Australians through our customer owned banking services.’ says Graham Olrich, Regional Australia Bank Chairman.

‘Our purpose is to become the trusted bank for all regional Australians, and with the unity with Macquarie Credit Union, we are one step closer to that goal’.With greater product diversification, simplified fee structures and competitive pricing, members will enjoy an even greater, sustainable, customer owned banking experience. It is proposed that the merged organisation will continue to operate both Regional Australia Bank and Macquarie Credit Union brands in their respective locations.