Satisfac is holding a Special general Meeting of members on Thursday 27 August 2009 to vote on the merger.

Satisfac was founded in 1958 by teachers and for the benefit of teachers. Powerstate was established in 1970 for the benefit of then ETSA employees. Satisfac has approximately 25,000 members and Powerstate has approximately 30,000 members.

At the 31 March 2009 (unaudited) total assets were $338,628,000 for Satisfac and $328,391,000 for Powerstate. Interest revenue was $18,146,000 for Satisfac and $15,945,000 for Powerstate.

The proposed name for the merged credit union is Credit Union SA Ltd.

Satisfac Direct Credit Union Ltd
http://www.satisfac.com.au

Powerstate Credit Union Ltd
http://www.powerstate.com.au