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TAFE and Community Credit Union to merge into Teachers

16 October 2008 5:38PM
The TAFE and Community Credit Union members will be able to vote on a proposed merger into NSW Teachers Credit Union on November 5.TCCU is one of the smallest mutuals remaining, with only a few thousand members."Strategically the merger is very good, as they have about 2500 TAFE members, and we have about 3500 TAFE members, which gives us a strong base of TAFE members to build upon," said Teachers' chief executive Steve James.James said that TCCU was a strong fit for Teachers due to such a similar member base and target market, but there are no discussions in merging with other like credit unions such as Victoria Teachers, which has 80,000 members.Teachers is opening a branch in Perth later this month in its first foray into the West Australian market."We have been talking to the union and the Department of Education, and we think it's time as there are about 30,000 teachers and their families in the west, and it's a great chance to develop and grow the Teachers credit union."The proposed combined merged credit union will have $2.7 billion in assets and 158,000 members.

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