Geelong Bank has announced the signing of a memorandum of understanding (MOU) with Hume Bank to explore a merger of the two customer-owned banks.
If the merger goes ahead it would create one of the largest regional customer-owned banks in Australia, with $2.4b in assets, 16 branches, more than 60,000 customers and about 200 staff.
Geelong Bank chair Allison Batten said the proposed merger presented an “exciting opportunity” to combine two banks that both have a “rich history of helping regional people reach their financial goals and grow their livelihoods”.
“The dedication and deep community knowledge displayed by our team members is what makes both banks special,” Ms Batten said.
Founded in 1974 as the Ford Co-operative Credit Society (FCCS), the institution was originally established to provide financial and banking services to the employees of Ford Motor Company in Geelong.
Over the next two decades it expanded, merging with Ford Broadmeadows Employee Credit Union and opening a branch in Sydney to service that city’s Ford Laser factory employees.
The closure of Ford’s manufacturing operations in 2016 saw the FCCS open its membership base to include the broader public, prompting its rebranding as Geelong Bank in 2018.
Geelong Bank and Hume Bank will conduct due diligence and approvals for the next few months, with a proposed merger agreement expected in the first half of 2026.
The merger would be implemented later that year subject to members voting to approve the proposal.
Geelong Bank would then be subsumed into the larger Hume Bank.
Ms Batten said the bank would commit to retaining all staff members if the merger went ahead, as “they are the ones who deliver the personal, trusted service our members expect”.
“Under the proposed merger, Geelong Bank and its customers will form a meaningful part of the future organisation and our brand will continue to be visible in the community,” she said.
“A key priority is preserving branch and community relationships, ensuring that the strong focus in the region remains, while providing access to a broader product suite, enhanced digital services and expanded banking support.”
