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IMB Bank is pleased to confirm that on 11 May 2016, the members of Sutherland Credit Union Limited (“The Shire…Local Banking”) overwhelmingly approved the proposed total transfer of business of The Shire…Local Banking to IMB Bank, with 96% of eligible votes cast in favour of the resolution. The merger proposal will now progress with APRA for final approval.

IMB Bank Chief Executive Robert Ryan welcomed the result, saying “This merger will enable us to further enhance our position as a strong mutual banking alternative to the major banks in the Sydney region.” The Shire… Local Banking’s Chairman, Daryl Chipperfield, said the positive member vote was very pleasing for the members and staff of The Shire… Local Banking, “To partner with a strong mutual like IMB Bank, which shares our community values is exciting, and we look forward to being able to offer members a broader and more complete range of banking facilities.  Our staff are very happy to be joining IMB Bank and have the opportunity to continue working in their local community, with even better career development prospects.”

Subject to receiving APRA’s final approval, it is expected the merger will formally take place on 1 July 2016, at which time, all members of The Shire…Local Banking will become members of IMB Bank. In order to facilitate a smooth transition, there will be no change to either IMB Bank’s or The Shire… Local Banking’s members’ current banking arrangements until the two separate banking systems are integrated in the medium term. Further communications with all members will occur over the course of the merger integration process.

An overview of the merged organisation is shown below:

 

Branches  

48

Members

190,000

Employees  

547

Assets

$5.4 Billion

 

12 May 2016

Lauren Wise

Company Secretary

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