Proposed Merger Of Companion Credit Union & Community CPS Australia

On Tuesday we announced a proposed merger with Community CPS Australia. If the merger proceeds this will be an exciting step forward for Companion, as we will join one of the largest credit unions in Australia with a combined membership of over 186,000 members.

I am sure you will have a lot of questions, and at this early stage we are still in the process of finalising some of the details. I will endeavour to update you as more becomes available but feel free to ask them directly through our blog or give your local branch manager a call. We will be communicating directly with our members over the coming months, to ensure that everyone understands what it is we are proposing, and the benefits that will flow to our organisation should the merger proceed.

I can tell you a few things have already been established;

- The merger will only proceed after our members have voted on it at the AGM, and legal requirements have been met
- All branches will remain open with the same staff
- We will keep the Companion name for the time being, and become known as Companion Credit Union (a division of Community CPS Australia)
- Community CPS has an enhanced product offering which Companion Credit Union members will benefit from in the future
- The opportunities for career advancement for staff are significant in what will be a much larger entity.

Both Companion and Community CPS are profitable, successful businesses, however to increase our competitiveness in the industry we need the benefits that come from increased scale. This proposed merger will significantly improve the value we provide to our members here in the Hunter and Gunnedah regions, and position us well for future growth.

What excites me most about this proposal is the fact that Community CPS is so closely aligned to the culture and values that are so very much a part of the way we do things at Companion.

We have posted more indepth information on our website and I am more than happy to discuss any questions with you,

Ray

June 3rd, 2009 | Leave a Comment »