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Banking on Queensland: Customer-owned banks committed to locals

Banking on Queensland: Customer-owned banks committed to locals

As Queensland prepares to adapt to a new banking landscape, the state’s customer-owned banks are encouraging locals to consider the numerous homegrown alternatives that put customers and local communities first.

Why It Matters

With a collective $60 billion in assets, customer-owned banks with headquarters in Queensland are a major contributor to the state economy. 

Furthermore, Queensland’s customer-owned banks have a rich history of serving the state’s diverse communities, where its nine mutual banks and credit unions call Queensland home.

These organisations collectively serve over 1.7 million members, employing 3,700 full-time staff, and boasting a combined 763 years of service.

By The Numbers

  • 1.7 million members served across the nice institutions
  • 3,700 employed staff support by banking local
  • $60 billion in assets managed across the collective portfolios in Queensland customer-owned banks
  • Over $2.8 million was given back to communities

What the People Say

“Queensland’s homegrown banking heroes are dedicated to serving locals and providing a compelling, purpose-led banking alternative that priorities the needs of customers and communities,” COBA CEO Michael Lawrence said.

Competition remains viable in banking in regional Queensland, even after the Suncorp and ANZ merger proceeds. Customer-owned banks such as The Capricornian continue to allow people to bank how they prefer; in person, on the phone or digitally. At the Capricornian, we combine the latest technology with human interaction, via our extensive branch network, our Rockhampton-based call centre and our mobile lending managers. It’s the customer’s choice, not the bank’s convenience.

“This review could significantly influence the level of competition and choice for the Sunshine State. By empowering smaller banks, we hope the review will ensure that Queenslanders benefit from a diverse and dynamic banking sector,”  The Capricornian CEO Dale Grounds said.

“We’re supporting over 100,000 members with their banking needs, employ over 450 Queenslanders, and have given back over $2.8 million to the local communities in which we operate through grants and sponsorships,” said Queensland Country Bank CEO Aaron Newman.

“Great Southern Bank’s Brisbane headquarters employs more than 750 people and we have a strong Queensland heritage. We offer a credible and competitive alternative to the major lenders, focused on helping Australians to own their own home,” Great Southern Bank’s CEO Paul Lewis said.

“People First Bank had its origins as the Toowoomba Permanent Building Society in 1875, so we’ve been meeting the financial needs of Queenslanders for almost 150 years,” We’re proud to have grown from those origins to now stand as one of Australia’s leading customer-owned banks, said Steve Laidlaw who transitions into the CEO role from 1 July.

What To Look For Next

Here’s a line-up of the 55+ local customer-owner banks in Queensland below and where to find them.

  • People First Bank: Formed by the merger of Heritage Bank and People’s Choice, People First Bank boasts a combined history of almost 150 years serving the Australian community. This customer-owned bank now has over 90 branches across NSW, NT, QLD, SA and VIC.
  • Queensland Country Bank: Founded in Mount Isa in 1971, this customer-owned bank remains committed to providing quality banking and insurance products to communities throughout Queensland, and returning profits to members and their communities
  • Great Southern Bank: A well-established institution with a strong presence across the country and over 75 years of experience, B Corp certified Great Southern Bank offers a comprehensive range of banking solutions for individuals and businesses, with a commitment to community investment and sustainable practices.
  • Cairns Bank: This local bank with a history dating back to 1899 prides itself on its deep understanding of the Cairns community and its commitment to personalised service. Cairns Bank is committed to providing a local banking solution tailored to each member’s needs.
  • The Capricornian: Serving the Capricorn region and its communities for over 60 years, The Capricornian is a trusted partner for locals. Their focus on member satisfaction and community well-being is reflected in their competitive products and dedicated service.
  • MOVE Bank: Since 1968, MOVE Bank has been dedicated to providing members with highly competitive financial products and exceptional service. MOVE Bank provides quality, competitive banking products and services to members of the rail, transport and logistics industries and their families
  • QBANK: QBANK is a proud member-owned bank dedicated to police, emergency services, government employees and their families. They have been privileged to provide financial assistance and well-being to members and their families since 1964 and are celebrating their 60th birthday in 2024.
  • RACQ Bank: RACQ Bank exists to help Queenslanders get ahead. The customer-owned bank reinvests profits back into making better products and brighter futures for members. This bank is part of the larger RACQ group.
  • Warwick Credit Union: Warwick Gympie Dalby credit union group is a customer community-owned financial institution with an excellent reputation across its local regions. Formed by men and women who believed in the public spirit of putting others first, it has worked to provide financial services to retain money in and benefit the entire community.

COBA has developed Find-a-Bank; an online tool that helps Aussies find a purpose-led bank that aligns with their needs and values. Head to findabank.com.au.

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