Residents rally to save Maleny Credit Union from merger
Kristin Shorten The Courier-Mail
People power must prevail tomorrow if a 27-year-old “hippie bank” in the Sunshine Coast hinterland is to avoid being swallowed up by Australia’s largest credit union.
Anguish surrounding the “proposed transfer of business” of the community-centric Maleny Credit Union to banking conglomerate Credit Union Australia will come to a head when 5500 MCU members are presented with an opportunity to vote on the move.
The board argues that under the complexities of compliance governance and management of a credit union MCU’s growth cannot be sustained for more than two years.
Friends of the Maleny Credit Union spokesman Paul Williamson said there was no consultation about merging the green ethical and locally focussed institution.
Concerned member Dawn Goddard said the credit union had influenced her decision to settle in Maleny 10 years ago. “I just thought ‘wow what an intelligent community – they have their own independent ethical banking institution'” she said.
Local resident Paul Viet said that like the Woolworths battle the community would fight this merger “every inch of the way”.
“This is a very resilient community” he said.
If the merger proposal garners a 75 per cent “yes” vote CUA would acquire a $47 million loan book and Bunya House in the main street reportedly valued at about $1.3 million.