Southern Cross Credit Union History
Part of our Local Community
Southern Cross Credit Union is proud to have been part of the Northern Rivers community for 45 years, making it one of the longest established Credit Unions based in the region. From humble beginnings meeting the financial needs of Tweed Valley banana growers in 1966, it has expanded to become a multi-million dollar corporation providing financial services to thousands of members right across the Far North Coast of New South Wales and into Southern Queensland.
Credit Union Movement
The Credit Union movement began in Germany in the 1860's when farmers organised themselves into mutual co-operatives to pool their savings, no matter how small and lend to each other at reasonable rates. Southern Cross Credit Union started in a similar way.
In the mid 1960's a local farmer, Mr WG (Bill) Stoddart, felt that the banks of the time were too strict in the way they did business and after watching a television documentary on Credit Unions, he decided to do something about it. He realised that by using "Banana Grower" as a common bond and the name of the Banana Growers Federation as backing, a Credit Union could be formed to help local people with their finances. The Banana Growers Federation (BGF) was a large rural co-operative held in high esteem by the residents of the North Coast of NSW.
1966 - 1975 : Tweed BGF Members Credit Union
Bill and his brother Stan convinced the Tweed District Council of the BGF to try setting up a Credit Union in the local Tweed area. The Council's secretary Ted Navin obtained more information from the NSW Credit Union League and a formation meeting was held at the Court House Hotel, Murwillumbah on July 25th 1966.
There were 14 people present at that meeting but 25 members were necessary as a minimum number for formation of a Credit Union. Over the next 4 days a total of 58 members, all BGF shareholders (although not all banana growers) had joined and the Tweed BGF Members Credit Union was registered on August 9th 1966.
It was considered essential that the Credit Union's registered office be in Murwillumbah as there was a strong bond of association amongst shareholding Members of the Banana Growers Federation Co-op Ltd who were residents of the area covered by the Tweed District Council of the Society.
After formation, the Stoddarts and the Directors continued to spread the Credit Union word and enlist members. The BGF in Murwillumbah allowed the Credit Union to use their accountant Noel Robinson to transact business at their office without charge. Noel did all the bookwork in his own time at no cost to the Credit Union.
It was not long before Banana growers from the Brunswick District Council of the BGF who did business in Murwillumbah requested to join and the Credit Unions Bond was altered to include their area. As the volume of transactions increased, a small area on the ground floor of the old BGF Store in Wollumbin Street was partitioned off and rented to the Credit Union as an office for $4 per week.
Business continued to flow in and the Credit Union Board of Directors appointed Mr Noel Robinson as full time manager in 1972. Branches were opened in Mullumbimby and Tweed Heads in 1973/4. In March 1973 the current Head Office building was purchased with the Official Opening conducted by on 28 April 1973 by Mr David Horton, Registrar of Credit Unions.
The building was already a long established Murwillumbah landmark, originally built in 1928 for the CBA Bank (which eventually became the National Australia Bank). Located on the corner of Wharf Street and Commercial Road, its classic architecture has been preserved during subsequent extensions and renovation carried out by the Credit Union.
1975 - 1997 : Tweed-Byron Credit Union
On November 25, 1975 Tweed BGF Members Credit Union merged with Lismore Community Credit Union to become Tweed Byron Credit Union.
The Credit Union continued to grow and prosper under the identity of Tweed Byron for the next twenty years, establishing a network of 9 branches.
In 1982 the Credit Union introduced insurance to the range of products provided. As the business grew, the Head Office building was extended being officially opened on the 14th of December 1984 by Mr W.H. Howe, the President of the Australian Federation of Credit Unions Limited.
Card access was introduced for members in 1990 and the first ATM was installed. Over the next few years the ATM network continued to expand.
1997 - Today : Southern Cross Credit Union
In 1997 the Board saw that the name Tweed Byron was some what limiting as the name tied the Credit Union to a geographical area and did not necessarily reflect the area in which we operated, limiting for future scope for growth to the branch network. After much research the decision was taken to change the name to Southern Cross Credit Union. This was a positive choice as most people can identify with the name and wherever we operate we are under the Southern Cross.
The Credit Union has continued to grow under this new entity and further extensions were made to the Head Office in 2002.
In December 2004 our 10th branch was opened in Lennox Head and today we have:
10 Branches
12 ATMs
More than 25,000 members
Staff of approximately 90
Southern Cross Credit Union continues to expand the range of services provided to both private and business members. Recent additions include EFTPOS card processing services to meet the growing needs of our business customers. Vehicles and equipment can now be leased through the Credit Union and a range of specialised travel products is also available.
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