One business goal forced on Members Equity Bank by the advent of the credit crunch is to generate its own capacity to raise deposits.From a minor deposit book two years ago MEB has grown deposits to $1.4 billion at March 2009, according to APRA's monthly banking statistics. While this exceeds the balance sheet assets of $930 million, including $560 million in home loans, according to the same APRA series MEB has another $15 billion or so in home loan assets funded off balance sheet through a series of securitisation trusts.Industry Super Holdings chair Bernie Fraser said, "I remain a supporter of the strategy of having a bank that offers a range of everyday banking products."MEB has a great distribution advantage. It's always been attractive to me and it's more attractive now."What happened of course was the funding model changed. It was dependent on securitisation, almost 100 per cent."Fraser said while securitisation was still "a little bit too expensive really," he was optimistic that investors would return, given yields on AAA-rated RMBS were comparable to yields on non-guaranteed AA-rated bank liabilities.He said MEB would pursue "a real blitz on developing the deposit base. We want to get to the point where we can raise our funds from deposits in line with the majors. About 50 per cent [of assets]."Currently the bank's term deposits and online savings accounts are offering a four per cent interest rate. Its first home saver account gives six per cent. Both the First Home Saver account and the 'InterestME' account, which combines transactions with a reasonable interest rate, picked up the 2009 Money Magazine gongs in their respective categories.An ability to develop this deposit base, by working the employers and workers that are customers of the industry superannuation funds, may be a key selection criterion for the bank's new CEO.IFM chair Garry Weaven said that Wamstecker's replacement must bring marketing expertise to a strategy that focuses on the super funds."Obviously we want a person who believes in the advantage we have in our industry fund network and has a marketing bent. A big advantage we have had is our ability to work with the industry super funds and the unions and employer associations behind those funds."