On the 1 March 1971, 25 people held a meeting at the Coach House Motor Inn and the Cooma Monaro Credit Union was formed. As the region grew, so did they, eventually re-branding as Snowy Mountains Credit Union servicing the areas of Cooma, Queanbeyan, Tumut and Temora.
Over the next 30 years a number of credit unions merged so they could support their members in the best way possible.
The Credit Union of Canberra, formed on 1 July 1996, was the result of a merger between the University Co-operative Credit Society and Credit Union Canberra. These former identities had associations with the Blue Print Credit Union, the Transport Co-operative Credit Society, TD Credit Union, Public Service Employees Credit Union, National Capital Credit Union, NCDC Credit Union and PSE and Community Credit Union.
Then in April 2004, Bemboka Community Credit Union which began in 1959, merged with SERVICE ONE Members Banking group and became part of Snowy Mountains Credit Union.
SERVICE ONE Members Banking was created because of the merger of three formerly separate credit unions - The Credit Union of Canberra, Snowy Mountains Credit Union and Hospitals Credit Union. The three came together in May 2001 to form divisions of SERVICE ONE Credit Union Limited. The three divisions continued to operate under separate names until December 2006 when they united under the name SERVICE ONE Members Banking.
Then in March 2015, SERVICE ONE Mutual Limited joined forces with a number of forward-thinking mutuals and formed a strategic alliance with Bendigo and Adelaide Bank.
Known as Alliance Bank, the relationship allowed the group to become a catalyst for positive change investing more than $8.5M in their communities.
In December 2022 SERVICE ONE Mutual Limited acquired NOVA Mutual Limited’s revenue rights under its Alliance Bank franchise agreement with Bendigo and Adelaide Bank Limited, together with its assets and existing branch.
SERVICE ONE Mutual then set-up a subsidiary, SERVICE ONE Financial Services Pty Limited, that entered in to an agreement with Bendigo Bank to become part of the Community Bank network. This included branches: Deakin, Belconnen, Cooma, Batemans Bay, Tuggeranong and Newcastle.
As part of its growth strategy the aforementioned subsidiary also acquired the revenue right of Molongolo Financial Services Limited’s two Community Bank Branches in Calwell and Curtin on 3rd July 2023, making the group among the largest Community Bank networks in Australia.
As the world of financial services continues to evolve so do we, ensuring all of our Members continue to enjoy the best banking products and services now and into the future.
SERVICE ONE Mutual Ltd remains focused on providing support to our Member’s and their communities through a range of social impact investments and charitable work.