December marked the end of long journey for both CCFS and the Churches of Christ in WA’s Building Extension Mutual Fund (BEMF).
In Board meetings conducted by BEMF and the Churches of Christ in Western Australia on the 4th and 5th December respectively final approval was given for BEMF and CCFS to merge.
Pieter Brink, CEO of the BEMF, said of the merger, “Key considerations in support of the merger were the tide of increasing regulation and compliance within the banking sector and the growing scale of church developments.”
“Through CCFS, Western Australian churches and affiliated entities will have access to an enhanced suite of products and services that are currently not available through BEMF.”
Collaboration among the states in the area of investments and finance creates economies of scale that addresses both regulation and funding. Working together with churches, agencies, and individuals, states can expect an increase in available loan funding which both BEMF and Churches of Christ WA anticipate will assist in the expansion of the Churches of Christ vision in Western Australia.
Both CCFS and BEMF will be working closely together in early 2020 to ensure a seamless integration and transition, ensuring BEMF customers can continue to focus on fulfilling their ministry and mission objectives.
Below are the WA BEMF Board with Churches of Christ Executive Minister Dr Tania Watson with Stuart Campbell and Frank Morabito (CCFS) and in the second image, Barry Honey, Chair of Churches of Christ in WA talks with Frank Morabito (CCFS) at the COCWA Board meeting where merger documents were signed. In the main image, Tania Watson hands signed documents to Stuart Campbell & Frank Morabito (CCFS)