Teachers Credit Union Set To Merge With TAFE & Community Credit Union

The Boards of Teachers Credit Union and The TAFE and Community Credit Union have announced their proposed merger.

The merger is expected to be approved by The TAFE and Community Credit Union (TCCU) members at its Annual General Meeting on 5th November 2008.
“This is an exciting opportunity for both credit unions as we share a common aspiration - to provide enhanced financial services to the education community,” said Teachers Credit Union Chief Executive Steve James.

The proposed merger, if passed, will create a credit union with assets of over $2.7 billion and more than 158,000 members and result in Teachers Credit Union consolidating its presence in the education sector.

In recommending the merger, the Board of TCCU paid particular attention to cultural ‘fit’ - the fact that the two credit unions have very similar values and ethics and are both firmly dedicated to supplying a competitive and co-operative ‘banking’ alternative.

Teachers Credit Union’s competitively priced loans, savings and investment products as well as its wide range of additional services will be fully available to all members in the merged entity.

“This is a great outcome for TCCU members, who will benefit from a broader range of products, services and market leading interest rates,” said Patricia Langham, General Manager of TCCU.

“Borrowing TCCU members will have access to much larger loans at attractive rates and will be able to access Teachers Credit Union’s suite of services, including more branches, mobile lending officers and additional remote access through SMS banking. Other services like the full-service travel agency, in-house financial planning and investment advice will also be available to them.”

Teachers Credit Union is the largest credit union in NSW, the fourth largest in Australia and has seen strong growth over its 42 year history. It will be opening an office in WA later this month.

Steve James will be CEO of the merged institution, and all TCCU staff will be taking up roles in the merged credit union.

If approved the merger is set to take effect on 1st December 2008.

Media contact:

Gillian Tatt
Senior Public Relations Officer
Email: gtatt@teacherscreditunion.com.au
Phone: (02) 9735 9825
Mobile: 0448 259 942