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Sydney Credit Union, Endeavour Mutual Bank to merge

Sydney Credit Union Ltd. has agreed to merge with Endeavour Mutual Bank Ltd. to create a lender with A$1.5 billion of assets, according to a May 17 release.

Subject to the approval of the Australian Prudential Regulatory Authority and the boards of the two companies, the merger is expected to be completed by Oct. 1.

Further, Sydney Credit Union's board will also decide on a name change for the merged entity.