Illawarra ADIs agree on merger

IMB and Community Alliance Credit Union agreed to merge. The credit union will ask its members to vote on the proposal in September. (Shareholders in IMB won't need to vote since IMB's assets are more than 10 times those of CACU.)

With $5 billion in assets, the combined entity will have 50 branches and 80 ATMs concentrated in the Illawarra region, with some reach into the Sydney market.

Community Alliance Credit Union will need to demutualise to fold into IMB, an option that is starting to become attractive to mid-sized credit unions looking for merger partners outside the mutual sector.