Customer-owned lenders consider combining to expand regional presence
Beyond Bank has announced plans to explore a merger with Family First Credit Union (also known as Family First Bank), marking the latest sign of deeper consolidation in the customer-owned banking sector.
The process will involve a detailed review to determine the benefits for their combined membership, which numbers more than 340,000. If it goes ahead, the combined entity would house $11.3 billion in assets. With $265 million in assets under management, Family First Bank is a relative minnow in the customer-owned banking sector, although it has a loyal customer base across Lithgow, Bathurst, Blackheath and Mudgee.
Both organisations have stated that all staff will remain employed if the merger is completed, and that the branch network will be maintained. The combined bank would also increase its capacity to reinvest in local initiatives and support community groups.
“We’re delighted to have the opportunity to jointly build on our shared purpose and passion for community-driven banking,” said David Marshall, chief executive of Beyond Bank Australia. “Both banks have long, proud histories and a proven track record of delivering financial wellbeing to our customers in Australia wherever they live and our values and purpose are strongly aligned.”
“This partnership represents a thoughtful and strategic move that ensures our members continue to receive outstanding value and service,” said Adam Marshall, chief executive of Family First Bank. “Beyond Bank shares our belief that financial institutions should work hand-in-hand with the people and places they serve. We’re confident this merger will help us deliver even more for our members and our region.”
Plans include the possible expansion of Beyond Bank’s Community Rewards Program and the creation of a foundation dedicated to the Central Tablelands, aiming to ensure that the advantages of customer-owned banking are delivered to local communities.
The proposal remains subject to due diligence and must receive approval from the Australian Securities and Investments Commission, the Australian Prudential Regulation Authority, and Family First Bank members. Beyond Bank has indicated that updates will be provided as the process advances.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
