In 2023, G&C Mutual Bank and Unity Bank agreed to a ‘merger of equals’, which would create a combined entity with assets of $4billion, 27 branches and over 250 employees. The "merger of equals" will enable the bank to offer its members new and enhanced products and services, reflecting the evolving financial environment.
For G&C Mutual Bank, mergers and name changes are nothing new. Established in 1959 as the Public Works Department Staff Cooperative, the bank has undergone 18 mergers and five name changes.
Both banks are committed to ensuring a seamless experience for their members, with minimal disruption during the transition. Central to this promise is the retention of all staff, ensuring that members continue interacting with familiar faces. While face-to-face service remains a priority, upgrading backend systems to support the requirements of a larger bank became essential.
The merged entity will operate on G&C Mutual Bank's systems. To facilitate this merger, G&C Mutual Bank needed to upgrade its core banking infrastructure to integrate Unity Bank's systems. This was achieved with an upgrade of the G&C Mutual Bank system to Ultracs 5.1.