Members of Bank Australia and Qudos Bank have endorsed the merger between the two mutual banks.
Bank Australia said 91 per cent of members voting voted in favour, while at Qudos Bank it was 78 per cent.
The next step is underway with Bank Australia seeking final regulatory approval from APRA as the banks prepare to bring the two organisations together as a merged entity on 1 July 2025.
Together the merged bank will have a combined $17.5 billion in assets, serve 300,000 customers across Australia, and have 900 employees.
The merged bank will operate an expanded 15 branch network across New South Wales, Victoria, Queensland and the ACT.
Both banks have experienced deposit growth of around six per cent over the last 12 months.
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Damien Walsh (Bank Australia) will become CEO of the merged bank
Having successfully led the Qudos Bank transformation and merger strategy Brendan Wright (Qudos CEO) will leave the merged bank on 30 June 2025.
Bank Australia has its hands full, as it will absorb Australian Unity Bank later in the year.