Increase font size Decrease font size

Gympie Credit Union merger

Attention: open in a new window. Print

This news item is to keep you informed of the Warwick and Gympie Credit Union merger process.

 

Background

As you may know Warwick and Gympie credit unions have agreed to merge subject to member, board and regulatory approvals. Warwick and Gympie have excellent records of serving their communities and this will continue. Gympie has been an iconic part of the community for over 50 years and Warwick for almost as long. In combination we will provide more and better services, keeping money and services in regional areas.

 

Why merge

Changes in the regulatory environment and the need to continue expensive reinvestment in systems have made it challenging for small mutuals like Gympie with limited resources. Gympie’s board took the proactive decision to seek a merger partner with shared regional Queensland values and a similar community centric culture. Partnering with Warwick will allow Gympie to keep its own identity as Gympie Credit Union. All Warwick and Gympie staff will remain with the organisation and all branches will continue to be open for business.

 

Approval and Timing

Warwick and Gympie directors unanimously support the merger, also known as a ‘transfer of business’. Approval is now subject to approval from government regulators, Warwick’s board and Gympie’s board and members. If regulators and members give approval it is planned to complete arrangements in early 2019.

 

Governance

The combined organisation will be based in Warwick under its existing board of directors and CEO Lewis von Stieglitz. Gympie will host an advisory committee to provide advice, ideas and in particular advocacy in the Gympie region.

 

In the tradition of mutually owned companies member customers of both organisations will continue to be shareholders. 

 

Warwick Accounts

There are no changes to Warwick customer account arrangements.

 

Gympie Accounts

We are committed to making this transition process as smooth as possible. Gympie members will be migrated onto Warwick’s banking system. In the process you will receive a dedicated new account number and a customer number to enable you to access a host of additional products and services. Warwick is an innovative provider of products including Android Pay, Apple Pay, a smartphone and tablet App, online transacting and much more. Over time direct entry arrangements and other transacting will be moved to Warwick’s BSB 817 001.

 

If you have any queries please call Lewis von Stieglitz on 0417763522