here&now

Recent Posts

  • Merger hits next major milestone
  • 2009 Annual Report available
  • There’s more to cycling than moving your legs
  • Preparation work underway
  • A new era for Savings & Loans

Recent Comments

  • Ted Jaeger on Merger hits next major milestone
  • Greg Connor on Merger hits next major milestone
  • Stan Nemeth on Merger hits next major milestone
  • Ted Jaeger on Merger hits next major milestone
  • Greg Connor on Merger hits next major milestone

Merger hits next major milestone

Our proposed merger with Australian Central passed an important milestone this week when it received approval to proceed to the member vote from regulatory bodies including the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA).

 

This was the first major milestone in the merger process and brings us closer to bringing the two organisations together.

 

It’s now in the hands of you, our members - and that’s what being a mutual, or member-owned, organisation is all about.

 

I’m not going to talk too much about the many benefits for members that will result from this merger, because there are many. Some of them are spelled out in full in the Member Information Document that you will receive in early November. I’ll simply say that it will give us the size and strength to be able to provide a genuine, member-owned alternative to the major banks. More specifically, the merger will enable us to provide an improved range of products and services, and greater access to your money through a wider network of branches and ATMs.

 

In previous blog entries, some members have expressed concern that bigger is not always better. I can assure you that we are not looking to grow for growth’s sake, but it will allow us to keep offering you competitive products and rates. It can be harder for smaller financial institutions to achieve the same economies and price competitiveness as bigger banks, but as a larger organisation we will be much better positioned to achieve this.

 

I can guarantee you, if the merger does proceed and we do grow in size, we won’t move away from our member focus and commitment to providing great service.

 

In the next week, you’ll receive in the mail a Member Information Document which will spell out all the important details on what the merger would mean for you. I encourage you to read it carefully.

 

We’re also holding a range of information sessions for members over the coming weeks. These will provide an opportunity for you to come along and hear information on the merger, but also ask any questions you may have. Full details on the member meetings can be found here.

 

The vote for the proposed merger will take place at our Annual General Meeting to be held at 12.30pm on Friday, 27 November at The Stamford Plaza, 150 North Terrace, Adelaide. Or, you can complete and return the proxy form you receive in the mail no later than 48 hours prior to the commencement of the Annual General Meeting. Only members over the age of 18 are eligible to vote.

 

If you have any general comments/questions, feel free to put something down here. But if you have more detailed or specific questions, I encourage you to go along to a merger information session in your area, phone 13 11 82 or email direct@savingsloans.com.au as you’ll get a much more detailed response than I can give. We’ve also developed some Frequently Asked Questions where you may be able to find the answer you are looking for.

 

 

Greg Connor

 

Posted on October 26, 2009 at 01:35 PM in Merger | Permalink | Comments (6)

2009 Annual Report available

Savings & Loans’ Annual Report for the 2008/09 year is now available on our website at savingsloans.com.au/annualreport

This is the first time that the full report has been primarily published online. A small number of members requested a hard copy of the report, and they received a shortened version.

We’ve also combined our Corporate Social Responsibility Report with the Annual Report this year, which shows the prominence that the community and environment have within Savings & Loans.

It was certainly a tough year for everyone in the finance industry, and it was no different for Savings & Loans. We’ve come through the difficult times and set a strong platform for us to build from in the future, thanks to the amazing work of our staff and the support of members. The Chairperson’s Report and CEO’s Report within the Annual Report give more detail regarding our performance, and I encourage you to read it.

If you have any questions about the information contained in the report, please post them here.


Greg

Posted on October 22, 2009 at 03:09 PM in Merger, Savings & Loans and our workforce, The finance industry explained | Permalink | Comments (0)

There’s more to cycling than moving your legs

The Savings & Loans Cycling Team is racing the Jayco Herald Sun Tour, one of Australia’s leading cycling events, this week. It’s one of the highlights of the team’s season and something they plan for months in advance.

While the riders certainly work hard during the tour (today’s stage was 164km, yesterday’s was 141km and Monday was 141km), there’s also a lot going on behind the scenes to get them on the road each day.

The seven riders have a support team of five:

  • Team manager
  • Physiotherapist
  • Masseuse 
  • Mechanic
  • Food and energy support

Team manager

The Savings & Loans team is managed by Pat Jonker, a seven time Tour de France competitor and Olympic medallist. During the tour he works out the tactics for each stage and coaches the team via radio from the chase car while the race is on.

 

Physiotherapist and masseuse

After riding up to 170km a day for seven days, the riders’ bodies are under a lot of stress and they have sessions with either the physio or masseuse after each stage. The physio also rides in the chase car, occasionally leaning out of the car to treat a rider while going up to 40 km/hr.

It takes around 3 hours for all of the riders to have their treatment at the end of each stage.

 

Mechanic

The riders can only go as fast as their bikes can take them, so they have to be in complete working order at the start of each stage. The team mechanic rides in the chase car with the physio and team manager to help with any breaks during the race, sometimes making small repairs while the bikes are still on the road.

There are two spare bikes on the roof of the car in case anything can’t be fixed straight away – every second spent on the side of the road is another second to be caught up later.

At the end of each day, every bike is stripped back, washed and the rebuilt to make sure they suit each rider’s specification. While all bikes might look similar, each rider has different preferences regarding seat height, gearing, brakes, wheels and a host of other ‘tweaks’.

If there are any crashes during the race – and this year there have been more than a few – then it can mean a lot more work for the mechanic. Thanks to a mix of good luck and being alert, the Savings & Loans riders haven’t been in too many bingles so far.

The mechanic works well into the night after each stage, which isn’t made any easier by the wild weather the Jayco Herald Sun Tour has encountered each year!

 

Food and energy support

It’s important that the riders can just concentrate on racing during the tour, so someone needs to make sure their uniforms are ready to go each day, they have enough food and energy gels during the race and their drinks are all ready.

As the cyclists can ride up to 170km each day, it’s important that they get plenty of calories in their system before, during and after the race. Most stages have a feed stop somewhere along the route, where the riders pick up a bag with replacement food, drinks and energy gels. Food ranges from cake to sandwiches or whole bananas.

Two support staff from each team stand on the side of the road at the designated feed zone and somehow make themselves visible to their riders. The cyclists then ride past and grab a bag filled with their food and drinks, all without stopping. Sometimes a group of up to 50 or 60 riders can come through at once, making the feed zone just short of pandemonium.

Immediately after finishing the stage, each rider is given a wipe down, some sugary drink to start replacing the energy they’ve lost and a sandwich. The cyclists don’t get a chance to be too picky about what they eat – if they’re not interested in a ham, cheese and tomato sandwich then they can wait until dinner before they get something to eat!

 

The Savings & Loans team is currently in a good position in the Tour after five days of racing in atrocious conditions. The Tour finishes with a street circuit in Lygon St, Melbourne, tomorrow.  For full results from the tour, visit the Jayco Herald Sun Tour website.

 

Patrick Gibson

Posted on October 16, 2009 at 09:47 AM in Sports | Permalink | Comments (0)

Technorati Tags: Cycling, Cycling in Australia, Savings & Loans Cycling Team

Preparation work underway

I thought it was a good time to provide members with an update on how we are progressing with our proposed merger with Australian Central. There’s currently a lot of work being done at both credit unions as we prepare for the vote on the merger.

We’ve just finished the second stage of due diligence, which involves reviewing each other’s operations to make sure everything’s as it should be. Staff from Savings & Loans and Australian Central together with external advisers examined each other’s operations to make sure everything is in order. No issues were identified which would prevent the merger from proceeding.

We’ve also started the process of getting regulatory approval for the merger to make sure things run quickly and smoothly if our members approve it. Representatives from Australian Central and Savings & Loans have been in touch with APRA and we’re currently preparing the paperwork they require for us to get approval.

The documentation we’re preparing for APRA also includes information that we’re sending out to all our members in November so that you’ll be able to make an informed decision when you vote on the merger.

The information for members will go through the benefits for members and what the merger will mean for them.

So what’s next for members?

The notice of our AGM and member information will be sent out to members in early November..Members will be able to vote either by coming to our AGM or appointing a proxy (who is usually the Chairperson) to vote on their behalf. The Chairperson will vote according to your instructions.

We’re expecting a larger crowd than usual at this year’s AGM so we’ve moved to a bigger venue. The AGM will now be at 12.30pm on 27 November at the Stamford Plaza Adelaide, 150 North Tce Adelaide.

Before the AGM we’ll also be holding a series of information sessions regarding the merger. Details are being finalised regarding times and locations and I’ll update the blog as soon as everything’s finalised.

We’re already planning some immediate benefits for members from the changeover date, if the merger is approved by members. I can’t release any specifics on these benefits at the moment as we’re still awaiting Board  sign-off, but they include the reduction of some fees and higher interest rates on certain savings accounts.

We’ve also made a commitment to expand the branch network soon after the merger. Again, we’re still waiting on Board approval and can’t release any further details at the moment. All of the information you’ll need to make an informed decision will be in the member information pack which will be sent to you. .


Greg

Posted on September 07, 2009 at 08:36 AM in Merger | Permalink | Comments (13)

A new era for Savings & Loans

By now you’ve probably heard the news that we’ve announced our intention to merge with respected and successful South Australian credit union, Australian Central. I’m sure you have many questions and, like me, mixed feelings about the proposed merger. Excitement at the prospect of building and belonging to a bigger, stronger credit union, but also some sadness that Savings & Loans, which started 60 years ago with 94 members and has grown into one of Australia’s largest and proudest credit unions, is passing into history.

Of course, the final say about the merger is yours – our members. The merger will only go ahead if the members of both credit unions vote in favour of the move. You will have the opportunity to do this at a member meeting in November.

However, the Boards of both credit unions believe that the merger is in members’ best interests as it will allow the new, combined credit union to offer improved member benefits - such as access to a broader range of products and services, a wider distribution network (including access to more branches) and the strength to invest in new infrastructure and systems.

It’s with some sadness that I can confirm that I will not be taking on a role with the new credit union should the vote be successful. Peter Evers, the current Managing Director of Australian Central, will take the helm of the new credit union, and I have no doubt he will provide great leadership for the new entity. Savings & Loans Chairperson, Bill Cossey, will move into the role of Chairperson, with current Australian Central Chairperson, John Cossons, to be his deputy. I’ll continue in my role here at Savings & Loans until after the member vote, after which I’ll be moving on to pursue other opportunities.

Over the coming weeks, we’ll be sending members more information on the proposed merger, and what it means for you, as well as details of the member meeting and how to vote. We’ve also set up a merger page to give you all the information you need.

I’d like to briefly highlight some of the facts for you:

If successful, the proposed merger will create an entity with 350,000 members, $7.4 billion in combined assets and advice under management and the largest member-owned financial institution owned and headquartered in Adelaide.
This is very much a merger of equals, it’s not a takeover. Both credit unions are stable and successful in their own right. This move is an opportunity for both of us to get even better.
Neither credit union is in financial difficulty and, as I’ve said above, this merger enables us to do some things more efficiently and pass on greater benefits to our members.

The process from here is that we will ask our members to vote on the proposed merger at a meeting in November. If more than 75% of voting members (of both credit unions) agree to the union, the legal merger will take place in early December. There will be no immediate change to branches or other offices, with both organisations keeping separate brands in the short term. Eventually, we will be re-branding the merged credit union with a new name and logo.

I’m also pleased to report that we’ve guaranteed the positions of all staff members who directly service members. For all staff, the merger provides many opportunities, as we will be a much larger credit union. As well as conducting our day to day operations, we’ll be required to run a very large integration project, which will create the need for many specialised roles. Over time, there may be some job losses, however, given the opportunities created through this merger, we expect these to be minimal.

Savings & Loans has a long, proud history and I’d like to take this opportunity to thank you for your part in our history and success, particularly to those members who have been with us for many years. And, I’m certain that, if this merger is successful, you’ll find an even better level of great service and even more competitive products that you’ve become accustomed to at Savings & Loans.

Full details of the proposed merger can be found here, including some frequently asked questions which should cover off any queries or concerns you have.

If you have a question that is not covered, please email us at direct@savingsloans.com.au or telephone us on 13 11 82.

Thanks

Greg Connor

Posted on August 13, 2009 at 04:59 PM in Merger | Permalink | Comments (20)

Next »
Visit savingsloans.com.au!

Subscribe to this blog's feed.

Categories

  • An Inconvenient Truth
  • Community
  • Current Affairs
  • Current Events
  • Merger
  • Rising petrol prices
  • Savings & Loans and our workforce
  • Sports
  • Technology
  • The Environment
  • The finance industry explained
  • Transaction Fees
  • Welcome

Blog code of Ethics

  • Code of ethics