IMB Ltd and Sutherland Credit Union Limited announce plans to merge

IMB Bank and Sutherland Credit Union Limited (The Shire…Local Banking), have today announced their plans to pursue a merger, in a move that will deliver greater member benefits to both organisations. Subject to completion of all necessary approval processes, the merger will be effected by way of a transfer of business from The Shire…Local Banking to IMB Bank.

The Boards of IMB Bank and The Shire…Local Banking believe there is a strong synergy and cultural alignment between these two mutual financial institutions and IMB Chairman, Michael Cole, said “the merger will cement the organisation as a real alternative to the major banks in the Sutherland Shire, where together IMB and The Shire…Local Banking can leverage their current joint investment, significant physical presence, local relationships, innovative community programs and trusted brands.”

The merged organisation will provide new and existing members of IMB Bank and The Shire…Local Banking and their community with a relevant, market leading banking proposition, with greater capacity for the combined entity to deliver an enhanced mutual banking experience for all members.

IMB Chief Executive, Robert Ryan said “IMB welcomes the strong ties and commitment The Shire…Local Banking has established in the Sutherland Shire and we think that as a combined entity we can build on this and provide even better value and opportunities to our members, employees and the Sutherland Shire community.”

An overview of the merged organisation is shown below:

Both IMB and The Shire…Local Banking will continue to operate under their own brands. In the longer term, operational systems will be integrated giving members greater access to more ATMs and branches.

The merger is to be undertaken by way of a voluntary transfer of the business of The Shire…Local Banking to IMB in accordance with legislation administered by APRA. Under the merger, all members of The Shire…Local Banking on the date of the transfer will become members of IMB.

“We are delighted with this outcome, which will provide significant - benefits to Sutherland Credit Union members in terms of new products, highly competitive interest rates and guaranteed investment back into our community” said Daryl Chipperfield, Chair of Sutherland Credit Union. “The retention of the Sutherland brand is important and combined with the strength of IMB will ensure the Shire is very well served by a customer owned banking alternative.”

Shawn Griffiths, CEO of Sutherland Credit Union added that “it was particularly pleasing to know that all staff would be retained and could look forward to greater career opportunities in the future.”
 

About The Shire… Local Banking:

The Shire…Local Banking is a Sutherland based mutual credit union with 4 branches at Sutherland, Engadine, Cronulla and Miranda.

SCU has approximately 35 employees, 10,000 members and $217m in assets under management.
 

Further details:

Company Secretary, Lauren Wise by email on cosec@imb.com.au

1 December 2015