CPS seeks bank name

South Australia's Community CPS is in discussions with the Australian Prudential Regulation Authority over a "transition to a mutual bank designation in the latter half of this calendar [year]."

The credit union's merger partner, Alliance One, foreshadowed the plan in a document on its planned amalgamation with Community CPS circulated to members.

Eight other credit unions and building societies have taken this step.

Community CPS is one of the consolidators in the mutual ADI space, having undertaken three mergers over the last three years, in Western Australia and the Hunter Valley, and in Wagga Wagga in New South Wales.

Planned economies of scale from the Alliance One merger may be muted, with local operations being retained in South Australia's northern and western regions.

Existing administration centres in Adelaide, Canberra, Perth and the Hunter Valley will also remain.

The expanded credit union will have a combined membership of more than 200,000, with total assets under management of A$3.9 billion.