Beyond hunts deeper into NSW
Beyond Bank plans to merge with Hunter United Employees Credit Union, a union likely to be in place by late 2017.The Adelaide and Newcastle-based mutuals said on Friday they'd signed a memorandum of understanding.Beyond Bank's assets were A$4.76 billion at June 2016 and Hunter United's were $278 million. With combined assets of in excess of $5 billion, Beyond will be the ninth mutual to surpass the $5 billion mark.Once the Hunter United merger is finalised, Beyond Bank will have had five mergers since January 2010, and eight since 2008.Beyond Bank may have had more success with interstate mergers than other mutual banks, beginning with the 2008 merger with United and Westax (both in Perth), Companion (also in the Hunter region, absorbed in 2010), Wagga (2011) and Country First, from Griffith, in 2015.Hunter United has around 9000 members and Beyond Bank more than200,000 customers.