Merger of G&C Mutual Bank and Quay Credit Union

Important Merger Information

On behalf of the Board and Management of G&C Mutual Bank, we are very pleased to announce that
Quay Credit Union (Quay)
and G&C Mutual Bank (G&C) plan to join forces in 2016. Following our successful rebranding to G&C Mutual Bank in December last year, we’ve been working hard to identify other like-minded mutual financial institutions that share our values and our commitment to building a stronger member-owned banking sector.

After several months of confidential discussions, the Boards of Quay and G&C have now signed a Memorandum of Understanding (MOU) which sets out an agreed timetable under which the two organisations will merge next year. The merger provides an exciting opportunity to combine the strengths and proud histories of the two organisations and to provide improved products and services to our respective membership bases. With a
post-merger balance sheet of around $1 billion ($750 million from G&C and $250 million from Quay), the new merged organisation will be ideally placed to fund further growth and innovative product developments.

Although smaller in size than G&C, Quay Credit Union (which commenced operations in 1971 as AMP Employees Credit Union) has developed a well-earned reputation for harnessing new digital technologies to help deliver more efficient member service. We are delighted to have the opportunity to form a new partnership with such a forward-thinking organisation.

Further details about the merger and the implementation timetable will be communicated through our online channels and quarterly newsletters in the coming weeks and months.

You can access a letter that has been issued by the Chairman of Quay to their members by clicking here.

Dave Taylor
Chief Executive Officer