Consolidation at the upper end of the credit union sector continues to gather pace.
The boards of mecu, based in Melbourne, and Teachers Credit Union, based in Sydney, agreed to recommend a merger to their members.
According to a release by mecu, reported by
InterestRatesNews.com.au, but now not available at the credit unions' website, the special meeting for the proposed merger will be held in February 2010.
The combined entity would have around 300,000 members, assets of around $6 billion and member reserves of approximately $500 million.
mecu has its origins as one of two teachers' credit unions in Victoria and has expanded steadily over the last 15 years.
NSW Teachers, which for a long time ranked as the country's biggest credit union, has until now opted to remain aloof from the ongoing mergers that have reduced credit union numbers from more than 700 twenty years ago to 140 or so today.