From humble beginnings in a house on Spring Street in Young, South West Slopes Credit Union then transitioned to a shopfront with bare floors and two desks next to Paul’s Seafood in lower Boorowa Street before opening its first full-service shopfront a few doors down at 183 Boorowa Street, Young. The bank later moved to 102 Boorowa Street (now occupied by Annie B’s) before settling in its current building at 89 Boorowa Street (shown above). Photo: South West Slopes Bank/Facebook.
Two long-standing customer-owned banks with deep roots in regional NSW are exploring a merger that could reshape local banking across the Riverina and South West Slopes.
Regional Australia Bank and South West Slopes Bank (SWSbank) – formerly South West Slopes Credit Union have signed a memorandum of understanding to explore a potential merger.
Regional Australia Bank operates close to 40 branches across central and northern NSW with its only southern NSW asset in Wagga Wagga.
Meanwhile, SWSbank has branches in the towns of Young, Cootamundra, Temora, West Wyalong and an agency in Harden.
Although the proposed merger is still subject to due diligence and regulatory approvals, it is being touted as a way to strengthen services for members, combining the strengths of both banks to offer greater choice, improved access to banking, and stronger support for local communities, while preserving the personalised, face-to-face experience customers value.
If completed, the combined organisation would manage around $5.5 billion in assets, serve more than 140,000 members, and continue investing in digital banking, security and innovation while maintaining and expanding branch networks across regional NSW.
SWSbank CEO Andrew Jones said the partnership could deliver tangible benefits for members and the communities they served.
“Our members and communities have always been at the heart of everything we do,” he said.
“By exploring a partnership with Regional Australia Bank, we can offer enhanced services and stronger local support while keeping the personal connection our members rely on.”
Regional Australia Bank CEO David Heine said both banks shared a common purpose: to support regional Australians, keep branches open, and invest in a sustainable future.
“By joining forces, we can deliver even greater value for our members, our people, and the communities we proudly serve,” he said.
Regional Australia Bank’s expansion strategy also includes a merger with Summerland Bank, approved by members and set to take effect in July, which will create a larger entity with roughly 49 branches across regional NSW and southern Queensland.
South West Slopes Credit Union was established in 1972 when Young residents sought a more adaptable and community-focused alternative to mainstream banks.
It began with just 78 foundation members, mainly employees of the Boorowa, Burrangong, Demondrille, Murrumburrah and Young shire councils, and staff of the South West Slopes County Council.
By 2021, SWSCU had grown to $196 million in member deposits, a $134 million lending portfolio and $223 million in total assets.
In July 2024, the organisation officially adopted its new trading name, SWSbank, with the motto: ‘A bank for you, owned by you’.
Regional Bank Australia was founded in 1969 as New England Staff Credit Union at the University of New England in Armidale.
Following mergers with Peel Valley Credit Union in 2004, Orana Credit Union in 2008 and Hunter Mutual in 2010, it became the Community Mutual Group, operating under New England Mutual, Orana Mutual, Hunter Mutual and Macquarie Credit Union in the relevant geographical areas.
In 2016, it rebranded as Regional Australia Bank and has since expanded further, including a merger with Holiday Coast Credit Union.
Both banks say the proposed merger is about more than size, aiming instead to strengthen communities, empower members, and preserve the heritage and values of each organisation.
The combined entity would initially operate under both brands, with any future branding decisions made in consultation with members.
The announcement comes amid ongoing concerns about branch closures in regional NSW, highlighting the importance of customer-owned banks in maintaining local, face-to-face banking.
Both banks have reaffirmed their commitment to keeping branches open, supporting local staff, and delivering services tailored to the needs of households, farmers, and small businesses across the Riverina and South West Slopes.
