Regional Australia Bank’s Early Years

What we know as Regional Australia Bank was created in Armidale, NSW, in 1969, as the University of New England Staff Credit Union to serve the financial needs of university staff.

Eventually the credit union’s bond was expanded and there were mergers with Armidale Credit Union in 1981, North West Local Government Employees Credit Union in 1997, Peel Valley Credit Union in 2004, Orana Credit Union in 2008, Hunter Mutual in 2010, Holiday Coast Credit Union in 2019, Macquarie Credit Union in 2024 and just recently Summerland Bank.

By 1982, the name University of New England Staff Credit Union was no longer fit for purpose and their name was changed to New England Credit Union. It remained New England Credit Union until 2010 when it began trading as New England Mutual as part of a group that included Hunter Mutual and Orana Mutual. In 2016, it became a mutual bank and began trading as Regional Australia Bank.

Here is an excerpt of a speech made by Ian McLennan, the New England Credit Union Board Chair, at the opening of a branch in Moree in August 1994:

“In some respects, the branch is being opened during a very difficult economic period with the tragic effects of one of the worst droughts in living memory. However, New England Credit Union is here for the long haul …

“Credit unions were formed in difficult times and when the district rebounds, New England Credit Union will be here working with the community. Credit unions are not ‘high flyers’ in the financial industry, but rather, the ‘quiet achievers’.”

In 1994, New England Credit Union had branches in Armidale, on the campus of the University of New England, Inverell and a new one in Moree. It also had agencies at Walcha, Uralla, Guyra and Glen Innes.