QUEENSLAND Police Credit Union (QPCU) will rebrand as QBANK to reflect its broadening membership base.
The move will see the community services financial institution become Queensland's newest bank on July 1, subject to final approval from the Australian Prudential Regulation Authority (APRA).
QPCU CEO Grant Devine says the name change was about facilitating growth in the future, while remaining relevant with members.
"The term 'credit union' doesn't mean as much to people these days, and we believe our new trading name will clearly explain what we do and who we serve," says Devine.
"We've been looking after police, fire, health, justice and other government employees for decades, so we believe the name QBANK helps us better represent all of the members we serve.
"The business has seen tremendous growth over the past 12 months, with loan growth approaching 20 per cent for the year and new member growth the best it's been in years.
"We want to continue that trend and this change will help to make sure the business is even more sustainable and successful long into the future."
QPCU conducted an extensive consultation process with existing members about the name and brand of the bank. Members voted in favour of removing the term credit union from the name at the company's 2015 AGM.
A number of police credit unions in Victoria, NSW and WA have also started trading as banks in recent years.
QPCU chairman Jillian Steinkamp says it was a proud day for the organisation and the board unanimously supported the rebrand.
"Ever since the credit union was created by four police officers 52 years ago, we have been on a constant path of innovation and improvement, all aimed at better serving our members and their families," Steinkamp says.
"Trading as a bank is yet another example of how we continue to adapt to the environment around us, to better support our membership."
QPCU's member-owned structure, eligibility and board will remain unchanged.
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