Goodbye from Gympie as tiny credit union merges with Warwick
Gympie Credit Union will fold into Warwick Credit Union, ending the independence of one of the smallest mutual ADIs.Operating one branch on restricted hours and with three staff, Gympie has invested precious little in modern systems and fallen under close APRA gaze, though well capitalised. It is one of two credit unions lacking a website.With A$12.8 million in assets Gympie ranks second last in the list of credit unions by size.For Warwick, with $255 million in assets, this will be its first credit union merger. There will be no job losses or branch closures, the two ADIs said in a media release. Damien Perissinotto, chair of Gympie said, "We welcome the opportunity to offer a wider range of savings, loans and everyday banking products, and gain access to advanced systems technology. At the same time we will be continuing the member centric model which is so important to us."