Community First's focused growth path
An update on merger discussions
In a bid to explore growth opportunities and expand our operations, Community First Bank and Australian Mutual Bank entered into a Memorandum of Understanding (MoU) in 2022 to discuss the possibility of a merger.
This process allowed both organisations to delve deeper into assessing the compatibility of a merger and determine whether it would be a suitable match for both parties.
The discussions regarding the potential merger did not progress to the stage of seeking regulatory approval or conducting member votes. At the preliminary exploration stage, a decision has been made not to proceed with the merger.
The two organisations have been unable to reach a mutually agreeable arrangement that aligns with the objectives and aspirations of both parties. Such an outcome is not uncommon during discussions for mergers.
Reaching for new heights: Community First's unprecedented strength
Although we viewed the merger as an attractive opportunity to accelerate our growth objectives, we recognised that it was not the only choice at our disposal.
We have taken steps to ensure our flexibility by preparing for various scenarios. In fact, we have already pursued alternative paths to strengthen our promising growth prospects.
Community First is currently in a strong position, with substantial capital and liquidity. We are also expecting to report a financially strong profit result for the 2022/23 financial year which gives us more opportunities to help members own their first homes, buy a new car or save for important events.
A promising future lies ahead for Community First
We’re always receptive to exploring new opportunities that align with our values and involve collaborating with organisations that share our mindset. In the absence of such opportunities, we will persist in pursuing our existing strategy while maintaining our agility.
We therefore eagerly anticipate embarking on the next phase of growth. To support this, we have already made significant investments in upgrading our loan origination platform, onboarding processes, and digital banking services.
It is business-as-usual for Community First to continuously change and evolve to meet members’ needs, and our aspiration and determination to achieve our goals, for the benefit of members, has not changed since 1959.
This process allowed both organisations to delve deeper into assessing the compatibility of a merger and determine whether it would be a suitable match for both parties.
The discussions regarding the potential merger did not progress to the stage of seeking regulatory approval or conducting member votes. At the preliminary exploration stage, a decision has been made not to proceed with the merger.
The two organisations have been unable to reach a mutually agreeable arrangement that aligns with the objectives and aspirations of both parties. Such an outcome is not uncommon during discussions for mergers.
Reaching for new heights: Community First's unprecedented strength
Although we viewed the merger as an attractive opportunity to accelerate our growth objectives, we recognised that it was not the only choice at our disposal.
We have taken steps to ensure our flexibility by preparing for various scenarios. In fact, we have already pursued alternative paths to strengthen our promising growth prospects.
Community First is currently in a strong position, with substantial capital and liquidity. We are also expecting to report a financially strong profit result for the 2022/23 financial year which gives us more opportunities to help members own their first homes, buy a new car or save for important events.
A promising future lies ahead for Community First
We’re always receptive to exploring new opportunities that align with our values and involve collaborating with organisations that share our mindset. In the absence of such opportunities, we will persist in pursuing our existing strategy while maintaining our agility.
We therefore eagerly anticipate embarking on the next phase of growth. To support this, we have already made significant investments in upgrading our loan origination platform, onboarding processes, and digital banking services.
It is business-as-usual for Community First to continuously change and evolve to meet members’ needs, and our aspiration and determination to achieve our goals, for the benefit of members, has not changed since 1959.
Community First Credit Union LimitedABN 80 087 649 938 | Operating as Community First Bank | AFSL and Australian credit licence 231204| BSB 512-170