July was landmark month for the Churches of Christ in WA’s Building Extension Mutual Fund (BEMF) and CCFS. At a specially convened member’s meeting chaired by Richard Afflick, the BEMF agreed to merge with Churches of Christ Financial Services Ltd (CCFS).
Pieter Brink, CEO of the BEMF states “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.” As in Victoria, many of the more recent projects in Western Australia are multi-dimensional, incorporating a range of ministry activities that escalates the cost of development in some cases to many millions of dollars.
“Through CCFS, Western Australian churches and affiliated entities will have access to an enhanced suite of products and services that are currently not available with BEMF”
Collaboration amongst 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 to ensure a seamless integration and transition, ensuring BEMF customers can continue to focus on fulfilling their ministry and mission objectives.