Queensland Country Bank will be the saviour of MCU Ltd.
The MCU board on Wednesday told members it “has unanimously resolved to engage in a merger with Queensland Country Bank.
The merger will take place in early 2021, with amalgamation of MCU’s banking system into Queensland Country’s currently scheduled for late February.
Bunya House, the credit union’s building, “will remain an asset of the Maleny community” as will the Maleny Charitable Trust.
Queensland Country will become a rent-paying tenant of Bunya House and maintain a full-service branch in the current location.
MCU’s Member Investment Shares will be repaid in full by Queensland Country.
In a hinterland town noted for its embrace of the cooperative ethos, MCU has had a torrid time navigating its future.
It spurned a merger offer from CUA more than 10 years ago and then twice in the last year failed to sell to corporate interests; initially Firstmac and most recently Ezifin.