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AAP
AAP
Business
Poppy Johnston

Community bank mergers get green light

Mergers Jim Chalmers Greater Bank
The proposed mergers will boost competition and innovation in the banking sector, says Jim Chalmers. (Lukas Coch/AAP PHOTOS) (AAP)

Officials have approved two proposed customer-owned community bank mergers.

The first proposed merger is between Heritage Bank and People's Choice Credit Union, which if approved, will see the organisation grow to 720,000 members with $22.5 billion in total assets.

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