About Us
Our story has its roots in the communities of ACT and NSW where local people established cooperative endeavors to help their regions grow. Bemboka Credit Union was formed in 1959, University Co-operative Credit Society formed in 1965 and Cooma Monaro Credit Union in 1971. As the region grew, so did these businesses with the Cooma group later re-branding as Snowy Mountains Credit Union to better reflect their expanded operations across the Cooma, Queanbeyan, Tumut and Temora area.
Over the next thirty years, to support their members in the best way possible, several credit unions combined. The Public Service Employees Credit Union changed its name to the Credit Union of Canberra and in 1996 merged with University Co-operative Credit Society. The expanded Credit Union could trace its origins back to a number of enterprises with a proud history of helping workers and communities across the ACT and beyond.
As the financial services sector continued to evolve and become more streamlined, in 2001 SERVICE ONE Credit Union was created as a result of the merger of the Credit Union of Canberra, Snowy Mountains Credit Union and Hospitals Credit Union. Initially, each continued to operate as distinct divisions under their original trading names and in 2004 Snowy Mountains Credit Union took over Bemboka Community Credit Union. Then, in 2006 the 3 credit unions consolidated and moved forward as one brand, SERVICE ONE Members banking.
Over time, the regulatory requirements in the banking industry made it more difficult for smaller financial institutions to operate efficiently. So, in March 2015, SERVICE ONE Mutual Limited joined forces with a number of other forward-thinking mutuals and formed a strategic alliance with Bendigo and Adelaide Bank to deliver banking products underwritten by Bendigo but known as Alliance Bank.
In December 2022 SERVICE ONE Mutual Limited acquired the revenue rights of one of the other mutual companies within the alliance, namely NOVA Alliance Bank located in Newcastle. In 2022, SERVICE ONE Mutual set-up a subsidiary, SERVICE ONE Financial Services Pty Limited to enable it to enter into a franchise agreement with Bendigo Bank to become part of the Community Bank network. In June 2023 the organisation and its branches at Deakin, Belconnen, Cooma, Batemans Bay, Tuggeranong, Tumut and Newcastle all transitioned to the new model, with customers able to access the full suite of Bendigo Bank products and services.
As part of its development strategy the subsidiary subsequently acquired the revenue rights of the Community Bank branches in Calwell and Curtin, ACT and later sold its interest in Tumut. SERVICE ONE Financial Services now operates 8 branches across the ACT and NSW, making the group one of 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 Members and their communities through a range of social impact investments and charitable work.