Companion Credit Union
Encyclopedia
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 shark
s and extremely high interest rates.
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.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
based in and serving Hunter Valley
Hunter Valley
The Hunter Region, more commonly known as the Hunter Valley, is a region of New South Wales, Australia, extending from approximately to north of Sydney with an approximate population of 645,395 people. Most of the population of the Hunter Region lives within of the coast, with 55% of the entire...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
. It was established in 1974 by a group of Hunter Valley
Hunter Valley
The Hunter Region, more commonly known as the Hunter Valley, is a region of New South Wales, Australia, extending from approximately to north of Sydney with an approximate population of 645,395 people. Most of the population of the Hunter Region lives within of the coast, with 55% of the entire...
coal miners
Coal mining
The goal of coal mining is to obtain coal from the ground. Coal is valued for its energy content, and since the 1880s has been widely used to generate electricity. Steel and cement industries use coal as a fuel for extraction of iron from iron ore and for cement production. In the United States,...
who decided that the financial affairs of the workers in their industry were at the mercy of banks, loan shark
Loan shark
A loan shark is a person or body that offers unsecured loans at illegally high interest rates to individuals, often enforcing repayment by blackmail or threats of violence....
s and extremely high interest rates.
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. 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
Community CPS Australia
Community CPS Australia is a credit union based in South Australia, the Australian Capital Territory, Western Australia and New South Wales providing financial services to its members including savings and business accounts, term deposits, loans, insurance, financial planning and tax and...
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
Hunter Valley
The Hunter Region, more commonly known as the Hunter Valley, is a region of New South Wales, Australia, extending from approximately to north of Sydney with an approximate population of 645,395 people. Most of the population of the Hunter Region lives within of the coast, with 55% of the entire...
region of New South Wales
New South Wales
New South Wales is a state of :Australia, located in the east of the country. It is bordered by Queensland, Victoria and South Australia to the north, south and west respectively. To the east, the state is bordered by the Tasman Sea, which forms part of the Pacific Ocean. New South Wales...
.
Community CPS has 12 Personal Financial Centres in South Australia
South Australia
South Australia is a state of Australia in the southern central part of the country. It covers some of the most arid parts of the continent; with a total land area of , it is the fourth largest of Australia's six states and two territories.South Australia shares borders with all of the mainland...
, 8 in the Australian Capital Territory
Australian Capital Territory
The Australian Capital Territory, often abbreviated ACT, is the capital territory of the Commonwealth of Australia and is the smallest self-governing internal territory...
and 2 in regional New South Wales
New South Wales
New South Wales is a state of :Australia, located in the east of the country. It is bordered by Queensland, Victoria and South Australia to the north, south and west respectively. To the east, the state is bordered by the Tasman Sea, which forms part of the Pacific Ocean. New South Wales...
and its subsidiary In Western Australia
Western Australia
Western Australia is a state of Australia, occupying the entire western third of the Australian continent. It is bounded by the Indian Ocean to the north and west, the Great Australian Bight and Indian Ocean to the south, the Northern Territory to the north-east and South Australia to the south-east...
, trading as United Community
United Community
United Community is a credit union based in Western Australia providing financial services to its members including savings and business accounts, term deposits, loans, insurance, financial planning and tax and accounting.-History:...
, there are 14 Personal Financial Centres.