Market Announcements

Despite a highly competitive banking environment, IMB Bank, one of Australia’s largest mutual banks, has reported solid business results for the six months ended 31 December 2015.

IMB Bank and Sutherland Credit Union Limited (The Shire…Local Banking), have today announced their plans to pursue a merger, in a move that will deliver greater member benefits to both organisations.

IMB Bank held its Annual General Meeting today 27 October 2015.

IMB Members are advised that the 2015 Annual General Meeting is to be held on Tuesday, 27 October 2015 at 10.00am (Sydney time), at the Hoskins Room, Novotel Northbeach Hotel, 2-14 Cliff Road, North Wollongong.

As IMB celebrates 135 years of operations and the change to IMB Bank on August 1, it has reported a strong performance for the year ending June 2015, with a result which is $3.4 million (or 11.8%) higher than the previous year’s profit result.

In 2008, IMB’s Board sought a report from PricewaterhouseCoopers Securities Ltd (PwC Securities) on the relative contribution Shareholder Members have made to the permanent funding of IMB compared to the contribution made by IMB’s other Member classes (Contributed Funding).

IMB is pleased to advise that the Australian Prudential Regulation Authority (APRA) has consented to IMB Ltd using the restricted term “bank”. As such IMB will begin trading under the business name IMB Bank from 1 August 2015. IMB’s legal name remains IMB Ltd.

As IMB celebrates 135 years of helping members achieve their financial goals, we are pleased to advise that we have applied to the Australian Prudential Regulation Authority (APRA) to use the restricted term ‘bank’ and become a mutual bank.

IMB Ltd (“IMB”) today announces the successful completion of its off-market share buyback (“Buyback”). The Buyback was the third in a series of buybacks that IMB expects to undertake over the medium term.