Maroondah and mecu merge

The board of Maroondah Credit Union yesterday said it recommended to its members that it merge with mecu, the expansionary credit union also based in Melbourne's eastern suburbs.

Maroondah is a minnow with only $100 million in receivables.

mecu has assets of around $2.2 billion and $220 million in capital following its merger with RegionalOne, a credit union based in northern Victoria.

mecu has created one of Australia's largest and strongest credit unions, with 30 branches located throughout the country and around 300 staff.