We are now a division of Community First Credit Union

Exciting News! The Merger Vote Has Been Approved!

We are excited to announce that members of Illawarra Credit Union and Community First Credit Union have voted in favour of the merger following the Special General Meetings of both organisations on Thursday 12 December 2024.  This pivotal decision marks the beginning of an exciting new chapter for both financial institutions, by enhancing our resources, capabilities, and ability to serve our members and community.

Please stay tuned for more updates on what this merger means for you, our members, and our communities.

An exciting step forward

By combining our strengths into one, larger community-focused financial institution, we are better positioned to meet the needs of our members while maintaining our high standards of service.

This merger will create valuable member benefits, setting the stage for future growth and expanding our reach.

With over 80,000 members, and combined assets of approximately $2.5 billion, the new entity is primed to build greater strength and resilience in today’s competitive banking market.

What’s next?

The amalgamation of two financial institutions is no small feat, and teams across both organisations are working together to ensure a smooth transition for all members.

The transfer of business will take place in early 2025, with the system integration later in the year. Rest assured, we’ll be keeping members up to date with what changes to expect and will be working to ensure there is as little disruption as possible.

In the meantime, if you have any queries, please email us at [email protected]. Alternatively, if you’d like to speak with a team member please visit our Wollongong branch or call our team on 1300 132 249.

For media enquiries please contact Madden & Associates on 0412 372 543.

The Board and management of Community First Bank and Illawarra Credit Union are pleased to announce we have received regulatory approval to ask members to consider a merger between our two-like minded institutions.

Note: Illawarra Credit Union has now been advised that upon approval by our members and APRA granting the necessary regulatory approvals, the merger between ICU and CFCU will now likely take effect on 1 February 2025 or such later date approved by APRA.

On this page, you can view the following documents:

• • Notice of Special General Meeting
  • Member Information Statement
  • Proxy Form

We encourage you to read the Member Information Statement in its totality, because it contains all of the required details relating to how the merger will affect members and staff. This is the document members will be asked to support or reject at the Special General Meeting planned for 12 December 2024.

Over many years, the costs of operating a highly regulated Bank or Credit Union have increased, however the demand for our products and services as an alternative to the listed banks, continues to grow. Therefore, we continue to seek ways to access more capital to serve more members and this is often best achieved through a merger, where duplicate suppliers and processes are removed, with the cost-benefits returned to members through fairer fees, higher standards of service and retaining competitive interest rates.

Put simply, both Boards and management continue to believe this merger will be in the best interest of members and allow both organisations to grow stronger in meeting the needs of our members in a competitive environment, than they could as stand-alone entities.

Similarly, the merger will create more opportunities for staff in their career aspirations through training in both existing and new roles, increasing their career advancement and development in a larger organisation.

The merger will increase and optimise resources that are dedicated to serving the members who have created these organisations.

Whilst the Member Information Statement document includes a section on the advantages and disadvantages of the merger, the Board and management believe the advantages will considerably outweigh the challenge of bringing the two organisations together over time.

Accordingly, we seek your support in the merger process and encourage all members to vote for the proposed merger at the upcoming Special General Meeting.

More information is provided below. Alternatively if you wish to speak to our team about the merger and upcoming Special General Meeting please call our team on 1300 132 249 9am – 5pm AEST Monday – Friday or email [email protected]

Planned merger approved to proceed to member vote

Earlier this year we announced plans to merge with Community First Bank (CFB). Over the last 12 months, we have completed a comprehensive due diligence process, and both organisations are confident that if approved, the merger will deliver a range of synergies and enhanced capabilities that will benefit members.

We are pleased to announce the merger has now been approved by the Australian Prudential Regulation Authority (APRA). The merger is now subject to a member vote at the Special General Meetings (SGM) of both Community First and Illawarra Credit Union on Thursday 12 December 2024.

An opportunity to have your say

In November, members will be either emailed or posted information in relation to the SGM. The pack will include the agenda, a proxy form, information on how to vote and an information statement.

The information statement includes everything you need to know about the merger including its benefits, what changes you can expect and a comparison of products and services. Please check we have your current postal address and email address to ensure we can get these communications to you.

Enhanced strength – for today and tomorrow

The merger enables us to combine our strengths into a single, larger community-focused financial institution, which positions us to better meet the needs of all our members while retaining high standards of service.

Community First Bank and Illawarra Credit Union have a shared history of working together. We assure members that we are, and will always be, 100% committed to putting you at the heart of everything we do. We pride ourselves on personal service and great value banking, and this will never change. We encourage you to get in touch with us in advance of the SGM with any questions you may have. You can also refer to our website for more information.

In a step that will provide opportunities for all our members and staff, Illawarra Credit Union and Community First Credit Union (Operating as Community First Bank) are planning to merge.

In the competitive banking world, we’re always looking for opportunities to enhance the value we offer to our members. A merger with Community First Bank brings together a range of synergies and capabilities that will help position us for our next phase of growth.

The background

The Board of Directors of Illawarra Credit Union and Community First Bank have agreed to merge, positioning both organisations for future growth.

Following the successful completion of a due diligence process, the merger of Illawarra Credit Union and Community First is now awaiting formal approval from bank regulator – the Australian Prudential Regulation Authority (APRA).

Of course, our members have a say in the merger too. Following APRA approval, a member vote on the merger will take place in late 2024 at the Annual General Meetings of Illawarra Credit Union and Community First Bank.

We will keep you up to date about where and when the AGM will take place and how you can have your say.

An exciting step forward

If all goes to plan, the merged entity will have almost 80,000 members and customers, and combined assets of approximately $2.5 billion. In a competitive banking market, this will give the merged entity valuable strength.

John Tancevski, CEO of Community First Bank, says, “The merger is an exciting step for both Community First Bank and Illawarra Credit Union. It will create valuable member benefits, allowing the two organisations to position themselves for their next phase of growth.”

A history of shared values

The fact is, Illawarra Credit Union and Community First Bank share a long history of collaboration, reflecting our shared values.

Anthony Perkiss, CEO of Illawarra Credit Union, commented, “Together we recognise the exciting synergies in combining our strengths into a single, larger community-focused financial institution where we can better meet the needs of all our members while retaining our high standards of service.”

While the merged entity would be larger than both organisations were before, we can assure members that we remain 100% committed to continuing to put you at the heart of everything we do. We pride ourselves on providing personal service and great value banking and that will never change.

In particular, the merger will see Illawarra Credit Union members and customers benefit from access to enhanced technological capabilities and greater physical distribution. It also gives our resources a boost, allowing us to better meet our ongoing prudential and regulatory obligations while increasing our focus on innovation, enhanced customer experiences and growth.

Rest assured, if the merger proceeds, there will be no forced staff redundancies. So, members of both organisations will continue to be welcomed by the same friendly faces, with the same commitment to great service.

We’re here to answer your questions

Our members are an important part of the merger process and we’d like to assure you that all decisions we make are underpinned by what is in the best interests of our members.

We’ll be keeping members up to date on the progress of the potential merger via the latest news section of our website. You can also expect further direct communications from us as the process progresses.

FAQs have been developed to help answer some questions you may have and can be accessed further below.

In the meantime, if you have any queries, please email us at [email protected]. Alternatively, if you’d like to speak with a team member please visit our Wollongong branch or call our team on 1300 132 249.

For media enquiries please contact Madden & Associates on 0412 372 543.

Illawarra Credit Union (ICU) and Community First Credit Union (Operating as Community First Bank) have shared a long history of collaborating together, reflecting our shared values. We recognise the exciting synergies in combining our strengths into a single, larger community-focused financial institution where we can better meet the needs of our members while retaining our high standards of service.

The merger is a merger of equals and brings fresh perspectives to help position us for our next phase of growth by strengthening our community reach through exposure to a larger member base, and opportunities to grow our deposit and capital base while creating cost and scale synergies.

The two organisations will benefit from access to expanded technological capability and greater physical distribution. It also enhances resourcing capabilities which means greater ability to meet our ongoing prudential and regulatory obligations and ability to increase our focus on innovation, enhanced member experiences and growth.

Community First has been in operation for more than 60 years having started in 1959. It has over 58,000 members, and in excess of $1.4 billion dollars in assets. Community First Bank has store locations stretching from the Sutherland Shire, the Hunter Region, across Western Sydney and the Northern Beaches. Community First Bank also owns online bank brand Easy Street Financial Services, which has been in operation since 2002.

While the merged entity will be larger than both organisations were before, we can assure members that we remain 100% committed to continuing to put you at the heart of everything we do. We pride ourselves on providing personal service and great value banking and that will never change.

Members of ICU will have access to Community First’s network of 12 stores across the Sydney and Greater Sydney area, providing greater convenience and support. At the same time, Community First members in the Illawarra region will have access to a store to do their banking in Wollongong, backed by local knowledge and enhanced support. The synergies created from the merger will enable ongoing investment in technology to enhance member service and security, with an expanded contact centre to better serve members. Members of both organisations can expect access to products and services they may not have access to today and more transactional banking options.

Yes, both Illawarra Credit Union and Community First Credit Union will hold a Special General Meeting (SGM) on Thursday 12 December 2024 to conduct a member vote.

We will be contacting you in the next few weeks with details on how you can register to vote and attend the SGM.

If you are unable to vote at the SGM, details on how to nominate a proxy will be provided in the notification we will send to you.

The Special General Meeting will take place on Thursday 12 December 2024.

If approved, the merger integration process will be planned to occur in late 2024 with the system integration in the first half of 2025. Community First has a strong history in working through this process having successfully completed 6 mergers in more recent history.

Yes. Both ICU and CFCU are passionate about being a mutual and existing for the benefit of members, not investors. We will continue to put our members at the centre of everything we do.

The Community First Credit Union Chair, Stephen Nugent, will become the Chair, with ICU CEO Anthony Perkiss to be appointed CEO. After 20 years in his position, Community First’s current CEO John Tancevski will assist the Board and management during the merger transition process.

The merged entity will have over 80,000 members and customers, a combined balance sheet of approximately $2.5Bn and 13 store locations stretching from the Illawarra in the south, to Penrith in the West and the Lake Macquarie region in the north.

It will create a dominant community based mutual financial services organisation with combined years of operation of over 117 years.

If the merger proceeds, the Board of Directors will include representation from both ICU and CFCU, with four CFCU directors and three ICU directors to form the new Board.

The trading names of both entities will remain the same for at least a 12 month period. However, the banking licence will be retained in Community First Credit Union moving forward.

Importantly, there will be no forced redundancies as a result of the merger. The same friendly staff who have been serving you will continue to serve you into the future – they’ll simply be part of a larger team. Together we plan to utilise the merger as an opportunity to inject key resources where they are needed most, creating further opportunities for existing staff.