HUNTER United Employees' Credit Union has joined forces with the IMB Bank after the merger between the steel city financial institutions was approved by the Australian Prudential Regulation Authority.
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The merger's approval was announced on Monday, nine months after the proposal was originally flagged.
On March 5 95 per cent of votes cast from Hunter United's 9000 members voted in favour of merging with the far larger Wollongong-based customer-owned bank, IMB.
The merger was originally expected to be complete on April 1.
The merged IMB Bank will boast 53 branches and a membership of 207,000 with assets of $6.3 billion.
Hunter United's five branches at Broadmeadow, Charlestown, Glendale, Green Hills and Jesmond will retain their 35 staff and will operate under their own brand as a division of IMB in the immediate months.
There will be no change to the arrangements of Hunter United customers until the separate banking systems are integrated later this year.
"The merger will allow Hunter United to better meet the challenges of increased competition in the banking sector and the increasing costs of operating and responding to regulatory change," IMB chief executive Robert Ryan said.
"Hunter United members will benefit from an expanded range of products and services while continuing to enjoy their customer-owned banking experience.
"They'll also appreciate increased benefits including longer contact centre opening hours, access to small business banking services, better rates on a range of loan and deposit products, enhanced digital payment technology, improved mobile and internet banking security, and the removal of a number of account fees."
IMB, who last week celebrated their 140th birthday, has donated $10 million to not-for-profit organisations in NSW and the ACT since 1999.
Mr Ryan promised the merged IMB Bank would have a strong presence in the Hunter.
"We also look forward to expanding our community programs and investment, including through the IMB Bank Community Foundation, in the Hunter region," he said.
Under the merger Hunter United chair Jann Gardner has joined the IMB Bank board as an additional director.
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Josh Leeson
Josh Leeson is an entertainment and features journalist, specialising in music, at the Newcastle Herald. He first joined the masthead in 2008 after stints at the Namoi Valley Independent and Port Stephens Examiner and has previously covered sport including the Asian Cup, A-League, Surfest, cricket and rugby league.
Josh Leeson is an entertainment and features journalist, specialising in music, at the Newcastle Herald. He first joined the masthead in 2008 after stints at the Namoi Valley Independent and Port Stephens Examiner and has previously covered sport including the Asian Cup, A-League, Surfest, cricket and rugby league.
