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8 July 2019

IMB Bank and Hunter United Employees’ Credit Union Ltd (Hunter United) have today announced their plans to pursue a merger, in a move that will deliver benefits to members of both organisations.

The Boards of IMB Bank and Hunter United believe there is a strong cultural fit between the two customer-owned financial institutions, built on a shared commitment to mutual values, a strong community focus and a history of highly competitive products and services that deliver great value and quality member outcomes.

IMB Bank Chairman, Noel Cornish, said “This merger comes at a time when customers are seeking an alternative to the major banks, and in this context, the combined strength of IMB Bank and Hunter United working together in a key regional market provides an exciting growth opportunity. By leveraging our joint investment, and Hunter United’s physical presence and strong local experience we look forward to deepening relationships with existing members and attracting new members in the Hunter region.”

IMB Chief Executive, Robert Ryan said “IMB Bank established mobile banking services in the Hunter region in 2018, and through this merger with Hunter United, we will build on our early successes and be able to quickly expand our operations and the range of services available to the members of both organisations. As RFI’s Mutual Bank of the Year (2018), IMB Bank has worked hard to provide a leading range of products and services, particularly in the areas of payments, digital banking and small business banking, and we look forward to the members of Hunter United sharing in the benefits of these.”

Jann Gardner, Chair of Hunter United Employees’ Credit Union said“We are delighted with the outcomes this merger will deliver to Hunter United members, with significant benefits in terms of an expanded range of products and services, highly competitive rates and fee structures and a full suite of digital banking and payments solutions.”

Tim Blomfield, CEO of Hunter United Employees’ Credit Union confirmed that “it is very pleasing that all staff will be offered positions in the merged entity and can look forward to broader career opportunities and development in the future.”

Subject to completion of necessary regulatory approval processes, the merger will be effected by way of a transfer of business from Hunter United to IMB Bank in accordance with legislation administered by APRA. Hunter United will provide its members with detailed information about the benefits of the merger prior to a vote to adopt the merger, which is anticipated to occur at the Hunter United AGM in late 2019. On the date of the transfer, members of Hunter United will become members of IMB Bank. Over the longer term, operational systems will be integrated giving all members greater access to ATMs and branches.

Members of both organisations will be provided with more information as the proposed merger progresses through the normal approval process.

About Hunter United:
Established over 50 years ago, Hunter United is a customer-owned credit union based in the Hunter region of New South Wales with 5 branches at Broadmeadow, Charlestown, Glendale, Green Hills and Jesmond. Hunter United has approximately 9,000 members, $334 million in assets
under management and 35 staff. An overview of the size of the merged organisation is shown below:

   

Branches

53

Members

207,000

Employees

600+

Assets

$6.3 Billion

Further details: Company Secretary, Lauren Wise by email on cosec@imb.com.au

Mutual Bank of the Year was awarded at RFi Group Australian Retail Banking Awards 2018

Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 138 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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