It's happening...our next chapter!
Exciting times ahead for Community First members as we make the change to Community First Bank.
It’s been a long time coming, but after 60 years-plus as a credit union, we are now becoming Community First Bank.
We won the right to call ourselves a bank, and we intend to use it…
Following our successful trademark dispute with Bendigo and Adelaide Bank in 2021, we successfully fought for the right of customer-owned mutuals to call ourselves ‘community banks’, and so, we have begun referring to our brand as ‘Community First Bank’.
Why the change?
Life doesn’t stand still for long, and we all move with the times. It’s the same for Community First.
Research shows that almost one in two Australians, and almost 70% of all Millennials, are unsure about what a credit union is, and what they do ii .
We had begun to suspect this when passers-by sometimes mistook Community First for a charity, a government service – even a travel agent!
Put simply, people just get the term ‘bank’. And we want to make it easy for people to understand who we are and what we do. That doesn’t mean we’ll change who we are or start acting differently – it’s simply a subtle name change to help us become more relevant to the markets we serve. Our ability to grow is important for you, our members as it means we can continue to grow in to an even stronger and more sustainable financial institution, and we can always remain a safe and viable place for you to save, borrow, spend and invest. We’ll remain a mutual, owned by our members and run for the benefit of our members – that will never change.
We asked members for their views
As a member-owned organisation, we value your input. We surveyed members a few years ago, and the overall view was that you were happy for us to become Community First Bank – as long as we don’t start “acting like a bank”. That means we continue to deliver on our promise of good value products, great service and fairer fees. And yes, you have our word that this won’t change. So, we are evolving. But that evolution is focused on being the “right kind of bank”.
The time is right
John Tancevski, CEO of Community First Credit Union, says, “Since 1959 we have operated as a credit union. However, the next phase of our evolution has arrived and it is time for us to change our name.
“Our transition to Community First Bank is testament to our growth and success. “Today, Community First Bank has member deposits of $1.1 billion, and our members’ equity stands at $104.5 million – the first time members’ equity has passed the $100 million milestone.
We are ready to embark on this new exciting stage as Community First Bank.”
What happens next?
Your Community First team is going to be busy! We’ll progressively update our brand in the coming months so you’ll notice a transition period. We plan to have the rollout completed by March 2023.
This announcement follows news that Community First Bank has signed a Memorandum of Understanding with Australian Mutual Bank to explore a merger. The merger is subject to prudential and member approval and is not expected to proceed until 2024. However the transition to Community First Bank is a natural evolution which will result in a subtle change in name only.
If you have a question at any time, don’t hesitate to reach out to marketingteam@communityfirst.com.au
i https://communityfirst.com.au/news/merger-mou-announcement-1
ii https://www.mi-3.com.au/11-04-2022/former-credit-union-australia-turned-great-southern-bank-consideration-megan-keleher
We won the right to call ourselves a bank, and we intend to use it…
Following our successful trademark dispute with Bendigo and Adelaide Bank in 2021, we successfully fought for the right of customer-owned mutuals to call ourselves ‘community banks’, and so, we have begun referring to our brand as ‘Community First Bank’.
Why the change?
Life doesn’t stand still for long, and we all move with the times. It’s the same for Community First.
Research shows that almost one in two Australians, and almost 70% of all Millennials, are unsure about what a credit union is, and what they do ii .
We had begun to suspect this when passers-by sometimes mistook Community First for a charity, a government service – even a travel agent!
Put simply, people just get the term ‘bank’. And we want to make it easy for people to understand who we are and what we do. That doesn’t mean we’ll change who we are or start acting differently – it’s simply a subtle name change to help us become more relevant to the markets we serve. Our ability to grow is important for you, our members as it means we can continue to grow in to an even stronger and more sustainable financial institution, and we can always remain a safe and viable place for you to save, borrow, spend and invest. We’ll remain a mutual, owned by our members and run for the benefit of our members – that will never change.
We asked members for their views
As a member-owned organisation, we value your input. We surveyed members a few years ago, and the overall view was that you were happy for us to become Community First Bank – as long as we don’t start “acting like a bank”. That means we continue to deliver on our promise of good value products, great service and fairer fees. And yes, you have our word that this won’t change. So, we are evolving. But that evolution is focused on being the “right kind of bank”.
The time is right
John Tancevski, CEO of Community First Credit Union, says, “Since 1959 we have operated as a credit union. However, the next phase of our evolution has arrived and it is time for us to change our name.
“Our transition to Community First Bank is testament to our growth and success. “Today, Community First Bank has member deposits of $1.1 billion, and our members’ equity stands at $104.5 million – the first time members’ equity has passed the $100 million milestone.
We are ready to embark on this new exciting stage as Community First Bank.”
What happens next?
Your Community First team is going to be busy! We’ll progressively update our brand in the coming months so you’ll notice a transition period. We plan to have the rollout completed by March 2023.
This announcement follows news that Community First Bank has signed a Memorandum of Understanding with Australian Mutual Bank to explore a merger. The merger is subject to prudential and member approval and is not expected to proceed until 2024. However the transition to Community First Bank is a natural evolution which will result in a subtle change in name only.
If you have a question at any time, don’t hesitate to reach out to marketingteam@communityfirst.com.au
i https://communityfirst.com.au/news/merger-mou-announcement-1
ii https://www.mi-3.com.au/11-04-2022/former-credit-union-australia-turned-great-southern-bank-consideration-megan-keleher
Community First Credit Union LimitedABN 80 087 649 938 | Operating as Community First Bank | AFSL and Australian credit licence 231204| BSB 512-170