Hunter and Beyond bail on merger
The planned merger of Hunter United Credit Union with Beyond Bank Australia has been called off, with precious little reasoning shared with members of either mutual."The boards of Hunter United and Beyond Bank Australia have decided not to proceed with a merger at this time," was the curt statement posted to the two ADIs websites on Friday."Both of our organisations have decided to focus on their current strategic agendas," added Hunter United.Beyond, an Adelaide-based mutual bank, has another New South Wales credit union merger to bolster an asset base in excess of A$5 billion.In July, My Credit Union announced plans for a merger with Beyond, with as yet no date set for a member meeting for MyCU members to vote.MyCU is a Sydney based credit union formed through a merger between Industries Mutual and Resources Credit Unions.