1972 – Planting the Seed

A public meeting was held on 4 July 1972 to appoint a steering committee for the formation of a local credit union.

Community Milestone: Community members came together to lay the foundation for a locally owned financial institution.

1972 – Formation

Central Murray Bank began its journey as Yarrawonga Credit Union Co-Operative Limited and was officially formed on 1 August 1972.

Community Milestone: Early Member Engagement – Local residents pooled resources to create a trusted financial alternative for families and businesses in the Murray region.

1973 – First Balance Date

On its first balance date, 31 March 1973, the organisation reported $16,536 in total assets, marking the humble start of a community-focused financial institution.

1975 – First Staff Member

Joan O'Bryan became the first staff member of the Credit Union.

1976 – Purchase of Head Office Site

Purchased the site at 58 Belmore Street, Yarrawonga, which remains the head office today.

1993 – 21st Birthday Celebrations

Celebrated 21 years of service to the community.

1995 – Expansion to Tungamah

Opened a branch in Tungamah at an old bank site, later shared with the Tungamah Post Office.

Community Milestone: Supporting Rural Access – Ensured smaller rural communities had convenient access to financial services.

1997 – Visa Debit Cards Introduced

Introduced Visa Debit Cards to members.

1998 – BPAY Introduced

Enabled BPAY services for convenient bill payments.

April 2002 – Name Change

Changed name from Yarrawonga Credit Union Co-operative Limited to Central Murray Credit Union Ltd.

May 2002 – Cobram Branch Opens

Opened third branch at 73 Punt Road, Cobram.

Community Milestone: Local Sponsorships and Events – Became a proud sponsor of local sporting clubs, school programs, and community events.

2008 – Major Banking Software Update & Survived GFC

Implemented a major banking software update and successfully navigated the Global Financial Crisis.

2011 – Online Statements

Introduced online statements for members.

2012 – Branch Anniversaries

Celebrated Cobram's 10-year anniversary and Yarrawonga's 40-year anniversary.

2013 – Major Banking Software Upgrade

Upgraded core banking systems for improved efficiency.

2014 – Mobile Banking

Launched mobile banking services.

2016 – Paywave & SMS OTP; First Banking App

Introduced Paywave facility and SMS One-Time Password security; launched first banking app.

2017 – Vigil Cards Fraud Monitoring

Implemented Vigil Cards fraud monitoring for enhanced security.

2017–2019 – Growth and Innovation

Assets grew from $78.6M in 2017 to $92M in 2019.

Early adoption of the New Payments Platform (NPP) in 2018 enabled real-time payments ahead of major banks.

Industry changes included Banking Royal Commission impacts and APRA’s tougher lending guidelines.

Exploration of Mutual Bank status began after regulatory changes.

Community Milestone: Sponsorships exceeded $50K annually, reinforcing local support.

2020 – Banking Platform Upgrade and Cobram Closure

Completed major banking platform upgrade in August 2020.

Cobram Branch closed on 16 October 2020 due to declining transactions and COVID-19 pressures.

Digital banking surged with 95% of transactions online during pandemic lockdowns.

Community Impact: Transition to Digital Banking – Supported members in adopting online banking solutions during the pandemic.

2021 – Record Growth

Asset base surpassed $100M milestone.

Record loan funding of $21M achieved during the year.

Regional migration increased housing demand and property values.

Community Milestone: Continued sponsorships and strong local engagement.

2022 – Tungamah Branch Closure and Cybersecurity Focus

Tungamah Branch closed following a decline in transactions and digital adoption; the building was sold to the Post Office.

Cybersecurity is identified as the greatest operational risk with strong measures implemented.

2023 – 50-Year Anniversary and Digital Investment

Celebrated 50 years of service to the community.

Over $43K donated in community sponsorships.

Community Milestone: Half a century of service celebrated with renewed commitment to technology and community.

2024 – Leadership Changes, Rebrand Announcement & Technology Updates

New Chair and two new Directors joined the Board.

Announced rebrand to Central Murray Bank and office expansion plan.

Won a Finnies Award for Excellence in Industry Collaborations & Partnerships for collaboration with Adatree and Mogoplus.

Updated Net Banking and App for an improved member experience.

Community Milestone: Over $35K in sponsorships and strategic planning for future growth.

2025 – Rebrand Implemented and Modernisation

Officially became Central Murray Bank on 31 March 2025.

Completed office renovations and expansion into the adjacent building.

Invested heavily in digital banking solutions and cybersecurity.

Conducted community programs such as Scam Awareness and donated over $31K in sponsorships.

Community Milestone: Strengthened community engagement and modernised banking experience.

From Humble Beginnings to a Modern Community Bank

Over 53 years, Central Murray Bank has evolved from a small credit union with limited deposits into a trusted financial institution serving communities across the Murray region. Its history reflects resilience, growth, and an unwavering dedication to local people.

For a more detailed history of the Central Murray Bank from 1972-1993, please read First 21 Years of Yarrawonga Credit Union as written by Tom Etchells, a founding Director.