Companion Credit Union

Companion Credit Union is a credit union based in and serving Hunter Valley, Australia. It was established in 1974 by a group of Hunter Valley coal miners who decided that the financial affairs of the workers in their industry were at the mercy of banks, loan sharks and extremely high interest rates.^{[citation needed]}

History

In 1974 a group of Hunter Valley Coal miners decided that the financial affairs of the workers in their industry were at the mercy of banks, loan sharks and extremely high interest.^{[citation needed]} They found like minded people and set about finding alternative financial sources. After initial talks with the Credit Union League in Sydney, the League approved the commencement of a new Credit Union, provided they got at least 500 members. This was a large hurdle to overcome but on the 6th January 1975 the'Northern Mineworkers Credit Union opened its doors for the first time.

Originally the first office was a backroom at the Northern United Mineworkers Federation Headquarters in Newcastle. As the credit union grew more branches opened up to service members.

Over the years the credit union changed to keep with the competitive demands of the economy. In 1988 the credit union changed its name from the Northern Mineworkers Credit Union to Companion Credit Union and opened its doors to the general public, today anyone can be a member of Companion Credit Union.

In 2009, credit union members voted to merge with Community CPS Australia and the merger took effect on 1 January 2010. Companion is now part of the fourth largest credit union in Australia with more than 178,000 members, 550 employees and managing a combined $3.1 billion in assets (as at 30 June 2010). Companion Credit Union operates 10 Personal Financial Centres in the Hunter Valley region of New South Wales.

Community CPS has 12 Personal Financial Centres in South Australia, 8 in the Australian Capital Territory and 2 in regional New South Wales and its subsidiary In Western Australia, trading as United Community, there are 14 Personal Financial Centres.

External links

• Companion Credit Union
• Community CPS Australia Credit Union
• United Community Credit Union
• Companion Credit Union
• Eastwoods Wealth Management
• Eastwoods Taxation and Accounting
• Abacus Mutuals

References