Following bcu and P&N’s Special General Meetings in late October 2019, I’m pleased to advise that a clear majority of members voted in favour of the merger.
Coincidentally, both bcu members and P&N members independently returned a favourable vote of 87% for the merger resolution, well in excess of the 75% required by both sides.
APRA have now provided the final approval for the merger to proceed, and our first day of trading as a merged entity is 1 November 2019.
The benefits outlined in the Member Information Document will start to be implemented from this date with members advised personally of any rate or fee changes that apply to their individual circumstances.
I would genuinely like to thank all our members who considered the proposal, especially those who had conversations with our staff, sent in questions, attended our information sessions and have used their voice to vote for a stronger future with bcu.
We remain committed to our customer-owned model and while P&N and bcu will share group services, we will continue to build the P&N brand in Western Australia, and the bcu brand in south-east Queensland and northern NSW.
Our Board, our leadership team and our staff are excited about the value that this merger will create for members, and we will continue to keep you informed of our progress in the weeks and months ahead.
Thank you once again for your trust and ongoing support.
CEO Police & Nurses Limited
Having been part of the P&N family for so many years, I’m proud our members have supported us in this merger and I’d like to thank you for taking the time to vote. Our commitment to customer-owned banking is at the fore of this decision, and P&N Bank will be stronger as a result.
I have been in the role of General Manager Member Experience for the past two years, but I come from a long background in banking. I have previously been in Marketing and Retail Management positions, but before joining what was then Police and Nurses Credit Society, I spent a number of years at R&I, Challenge and Westpac Banks. Having been through mergers in the past, I know the benefits of joining with bcu will bring to you, our members.
While it will take some time to complete the transition to bring many of bcu’s systems across to ours and align back office functions, once in place, we look forward to introducing new products and services that will make your lives easier. For instance, because of this merger, we will soon be able to create a P&N small business banking offering, benefiting from the experience and capability bcu have in this market. Members have been asking for small business banking facilities for a number of years, and we look forward to being able to support them. We’ll be able to offer extended Contact Centre hours by sharing resources with the east coast, as well as removing certain fees on some lending and deposit products.
As Andrew outlined, you won’t see much difference in the way you conduct your day to day banking with us. You’ll continue to deal with the same friendly staff, both in our branch and mobile lending network, as well as over the phone.
I’ve spoken to some of you throughout the course of the vote and encourage you to continue to share your feedback with us. I thank you for getting in touch and being so passionate about P&N Bank, and I look forward to sharing more with you in the near future.
General Manager, P&N
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