bankmecu and Swan Hill CU merge
Members of a regional Victorian mutual, Swan Hill Credit Union, have voted in favour of a merger with bankmecu.Swan Hill has around 3000 members and A$30 million of assets. bankmecu, which is one of the largest mutuals in the market, has around 120,000 members and $3 billion of assets.bankmecu managing director Damien Walsh said the parties had documents lodged with the Australian Prudential Regulation Authority and were waiting for the regulator to execute the transfer. He said he expected the merger to take effect on June 1.Walsh said the decision to merge was driven by the need for scale in the mutual sector.Bankmecu's last merger was with Fitzroy and Carlton Credit Co-operative early last year.