Summerland Bank and Regional Australia Bank to merge

Regional Australia Bank had just finalised a merger with Macquarie Credit Union.

Summerland Bank and Regional Australia Bank have announced their intention to merge into a $4.8b entity by mid-2026.

The two banks are now moving towards undergoing due diligence to investigate the merger’s feasibility and benefits, according to a joint announcement on 16 October 2024.

Should the merger proceed, the combined entities would manage assets of $4.8b and a total of 130,000 members.

The merged organisation will continue to operate under both Regional Australia Bank and Summerland Bank brands in their respective locations until after the proposed merger date.

The two banks also plan to open new branches, with no branch closures.

David Heine, the current CEO of Regional Australia Bank, will head the merged organisation. John Williams, the current CEO of Summerland will be the Deputy CEO (Strategy). Michellie Edmonds will retain the role of Deputy CEO (Customers).

Regional Australia Bank had just finalised a merger with Macquarie Credit Union earlier in 2024.

Summerland Bank, meanwhile, is celebrating 60 years in business. It had recently transitioned from a credit union to a customer-owned bank.

Summerland Bank had also just undergone a rebrand and rebuilt its Lismore head office and flagship branch following the 2022 floods.

"We share a common foundation rooted in mutual values and a commitment to serving regional Australia. As mutual banks, we prioritise our members over profit, ensuring that our focus remains on community needs and sustainable growth," Regional Australia Bank said in a statement posted on its website regarding its decision to merge with Summerland Bank.

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