Companion Credit Union, part of Community CPS Australia, will take advantage of 2010 federal government banking reforms designed to create more competition in the banking sector.

The credit union, which has nearly $4 billion in investments, surpasses the government’s minimum capital requirement to become a mutual bank that is 100 per cent customer-owned. 

“We’ve got a very rich heritage in terms of the different markets we operate in and we value that [Hunter] market very dearly,” Mr Keogh said.

Other than a change of name, which will be announced August 1, the new bank-status will give members access to financial and taxation advice as well as loans and term deposits.

That financial advice will extend to not-for-profit organisation under a community development division going further than the $191,000 the credit union has donated to Hunter charities in the past three years.

Mr Keogh said the changes took nothing away from the credit union’s history.

“We take a view that we’re here for the broader community, we don’t see it as moving away from our origins, because that heritage is a very important part of what we do,” he said.

Mr Keogh said there would “absolutely not” be any job losses as part of the transition to a mutual.

“In fact we see ourselves further investing in the regions,” he said.

The Northern Mineworkers Credit Union was founded in 1974 and became Companion Credit Union in 1988.

Companion Credit Union merged with Community CPS Australia in 2010 which was previously called the Commonwealth Public Servants Credit Union.