Credit union founded by banana farmers hits new heights
A CREDIT union founded by banana farmers on the North Coast is steadily building.
The member-owned credit union BCU delivered a strong result for the 2019 financial year, posting a net profit $10.53million in an environment that has faced significant political and economic challenges.
BCU chief executive officer Alan Butler said he took great pride in announcing the results and they were "a tribute to the hard work and passionate efforts of all our staff ... along with the ongoing support of our strong and loyal member base”.
"Management have been able to deliver these results through tactical initiatives, however, the long-term strategy continues to be to gain scale through the proposed merger with west coast-based mutual P&N Bank,” he said.
Voting for the proposed merger with P&N Bank commenced last week.
"Results like this whilst great, would be difficult to sustain for a standalone institution of our size due to the ever-increasing cost of regulation,” he said.
"Plus the significant investment that will be required in BCU's technology to allow us to continue to offer attractive banking products”.