What has happened?
A merger of Queenslanders Credit Union with Queensland Country Credit Union.
When did it happen?
The legal merger of the two credit unions occurred on 1 April 2018. However, members weren't really impacted until the database merger, which happened on the weekend of 4-5 August 2018. The database merger involved the amalgamation of our products and fees, and a change to phone and internet banking.
What is the goal?
To build a genuine, customer-owned alternative to the big banks for ALL Queenslanders.
What specific benefits has the merger brought to Queenslanders members?
- Access to a larger branch network, including 33 branches and agencies stretching from Stanthorpe in the south to Weipa in the north and west to Mount Isa.
- Extended operating hours through a contact centre open from 8am to 6pm weekdays, and 8.30am to 12.30pm on Saturdays.
- A fully functioning banking app, designed specifically to provide an optimal banking experience on mobile devices.
- A more user-friendly internet banking experience.
- Faster access to new technology advances, such as real-time payments (New Payments Platform).
- Access to a wider range of products and services, including an award winning health fund.
What has the merger achieved?
- A stronger, more resilient, Queensland centric, mutually owned organisation.
- Significant operational savings from head and back office synergies, which can be used to fund improved services and functionality.
- The opportunity to grow, without sacrificing the unique relationship with our customers.
- An improved range of products, services and access channels for customers.
- An enhanced commitment to our customers, communities, and the customer-owned banking model.
What does the merged credit union look like?
- Total assets over $2 billion.
- The 12th largest customer-owned banking organisation in Australia.
- The second largest credit union in Queensland.
- Approximately 380 staff.
- 33 branches and service centres.
Will my local branch remain open?
- In line with the desire to grow the credit union in South East Queensland, the merged organisation has committed to retaining the current Queenslanders Brisbane CBD branch, together with branch representation in Ipswich.
- The location and number of branches comprising the combined branch network may be reviewed over time in line with normal strategic and business plans.
Will my current banking products change?
- The merged organisation has adopted the products and pricing structure of Queensland Country, with minor changes as necessary to meet a better off overall test.
- Rates were not changed for fixed rate loans and term deposits.
- It is intended that our members will not be disadvantaged overall with respect to benefits and pricing.
Who is leading the merged organisation?
- Bruno Cullen, the Chair of Queensland Country, continues to be the Chair following the merger.
- Christine Flynn, the former Chair of Queenslanders, is the Deputy Chair.
- Aileen Cull, the CEO of Queensland Country, continues to lead the merged organisation.
- John Weier, the former CEO of Queenslanders, has retired as an employee and assumed a position on the Board of the merged organisation.