People's Choice Credit Union, a product of last year's merger of Australian Central and Savings & Loans, is planning to capitalise on its position as Australia's second largest credit union with the rollout of a bigger branch network and a suite of new products over the next few months. People's Choice managing director Peter Evers said the group had closed 13 co-located branches (out of a combined total of 60) since the merger. So far this year it has opened four new branches and will open six more during the current financial year.Evers said: "We still have some work to do on rationalising the merged operations but we are starting to see the benefits."The group will add to its retail banking product set and is also planning to offer business lending products for the first time.Yesterday, People's Choice issued highlights from its 2010/11 financial report. Net profit was A$33 million (earnings figures are not comparable with the previous year because the result includes 12 months of Australia Central accounts and seven months of Savings & Loans).Total member loans and advances increased by 0.1 per cent to $5.6 billion and retail deposits were up 5.4 per cent to $3.3 billion.People Choice sells loans funded off its balance sheet, as well as a white label product funded by Advantedge and third party loans. Evers said this mix would be maintained.He said the merger had already reaped some benefits in terms of better terms from some business partners.He said the board was considering the group's new name in December, when the Treasurer announced that he would ask the Australian Prudential Regulation Authority to review its guidelines on mutuals using the term "bank" in their names.Evers said: "We had a look at it but decided that was not a space we wanted to go into. We are happy to be known as a credit union and to be differentiated that way."