bankmecu is solely based in Australia and headquartered in Melbourne, Victoria. We have 25 service centres throughout Australia, provide our customers access to 3,100 ATMs and base our national lending and call centres in Gippsland, Victoria.
bankmecu had 133,887 customers in 2014, up 6.7% from 2013. Much of this growth is attributed to the merger with Swan Hill Credit Union on 1 June 2014, when we gained 7,768 new customers.
In addition, we attracted a record 5,461 new customers (2013: 3,830). This growth was offset by 6,913 account closures, 32% of which were initiated by the Bank because the accounts were dormant. Other reasons for account closures included branch location, interest rates, fees or a competing offer (13%) and deceased customers (10%). The remaining 45% of customers did not provide a reason for leaving.
While the average age of existing customers was 50, the average age of new customers was 37. The average age of customers whose accounts were closed was 46.
A large proportion of our customers live in Victoria (78%) followed by Queensland (8%), New South Wales (5%) and the Australian Capital Territory (3%). This distribution was consistent with previous years. Similarly, the age distribution of our customers did not change in 2014; older customers accounted for over half of all customers. Overall we had 745 fewer young customers (aged <25 years) and 1,176 more older customers (aged > 56 years).
Portfolios and product mix
The majority of the Bank’s customers are personal customers, accounting for 95% of customer numbers. They also accounted for the largest proportions of our deposit (79%) and loan (91%) balances. Our commercial and community sector markets are growing, and while they accounted for 5% of customer numbers, they accounted for 21% of deposits and 9% of loans. Further, their share of loans has risen steadily from 6% in 2010.