mecu Ltd yesterday said it was in merger discussions with Bendigo-based RegionalOne Credit Union,
AAP reported.
mecu ranks as the ninth-largest credit union in Australia, according to KPMG's annual survey of the sector, and RegionalOne as 36th largest.
mecu had $1.5 billion at June 2008 and RegionalOne $250 million in assets. In the year to June 2008, mecu reported a net profit of $17.5 million, equal to a return of 10.2 per cent on funds employed. RegionalOne reported a net profit of $1.9 million, or a return of 8.3 per cent on funds.
mecu said if both boards endorse the merger the proposal would then be presented by the board of RegionalOne to its members (but not by mecu to its members) during the first half of this year.