Maleny Credit Union has received an offer from Firstmac, benefitting the entire Maleny community.
MCU has been down a number paths over recent years, all with the intention of remaining open and of service to the local community.
As a Board, they have been searching for a model and business that understood the history of MCU and the loyalty of their members. It is important to MCU to maintain a community focus while at the same time offering better products to their members and community.
MCU received an offer from Brisbane-based Firstmac, Australia’s largest non-bank lender, which will not only benefit MCU members, but the entire Maleny community, particularly through the MCU Charitable Trust – $2 million will be paid into the trust, plus at least $30,000 annually.
The acquisition, if it is approved by members, will allow members to realise the value built up in the MCU, with Firstmac paying $7 million for the business.
Around $4 million will be distributed to MCU members, resulting in approximately $1,200 for each member, once the transaction is completed. About $1 million will be used to pay back capital to MCU member investment share owners.
Firstmac have guaranteed the continuity of a high-street banking presence in Maleny and will continue to employ current staff while at the same time expanding the banking and financial services offering.
This proposition is the best option for MCU and they hope that when the time comes to vote, members will recognise this and support it.