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Shorter branch hours settle Latvian and Dnister credit union merger

Members of Latvian Australian Credit Cooperative approved the transfer of business to Dnister Ukranian Credit Cooperative at a meeting on Saturday. Both serving immigrant communities with roots in Soviet states, the pair are minnows in a sector now counting fewer than 80 credit unions.Latvian brings risk weighted assets of A$7.3 million and core equity of $2.2 million to the table.Dnister recorded $15 million in capital and $78 million in risk weighted assets.An immediate cost saving from the merger will be shorter trading hours at Mitcham, Melbourne branch of Latvian."The Mitcham branch will continue to operate Monday to Friday 9am to 5pm up until the 23rd September 2016," Latvian advised members."From Monday 26th September we will operate Monday and Wednesday from 10am to 4pm.  Fridays from 10am to 5pm."Our Sydney branch will continue to operate on Thursday and Saturday from 9am to 1pm."

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