For the Health Fund, the challenges presented by the COVID-19 pandemic also had a significant impact on the financial performance for the year. The Health Fund reacted quickly by postponing the April premium increase for six months, offered a six month suspension of policies for Members with uncertain financial outlooks due to the pandemic, provided one month free for those Members with short term financial difficulties and introduced new telehealth benefits for Members who could not see providers in person. The Health Fund saw total assets increase from $110.5 million to $117.3 million. The assets of the Health Fund are comprised mainly of investments that are held as reserves to support the business.
I wish to announce that Queensland Country Bank is proceeding with a transfer of Maleny Credit Union’s banking business into our organisation. The Boards of both organisations have recently signed a memorandum of understanding outlining the terms of the transfer and we are currently progressing with due diligence. Maleny Credit Union (MCU) is based in the hinterland of the Sunshine Coast and as small community-based Credit Union, they have 3,000 Members and approximately $50 million in assets.
The transfer supports the organisation’s strategic vision of being “the bank for Queenslanders” by providing our first presence on the Sunshine Coast. It’s great to see that Queensland Country is well represented in most other regional centres in the state, particularly with the recent opening of our branch in Rockhampton.
In November, we had a few changes to our Bank and Health Fund Boards. We farewelled long term director, Bruno Cullen, who retired after 43 years of dedicated service to the Bank. We also welcomed Karen Read as the new Chair of the Health Fund Board following Michael Beard stepping down. Michael has been a director of the Health Fund since May 2001 and has extensive knowledge of the Health Fund industry.
He has held the position of Chair from April 2006 to November 2020. You may recall in 2019, Michael retired from the Bank Board after serving almost 35 years on that Board. His passion and commitment to Queensland Country has been strong and very much valued over the years, so I am pleased that Michael will remain on as a director of the Health Fund to assist Karen to settle into her new role until he retires in November 2021. Karen is also a very experienced Board member who has served on both Boards for approximately 15 years, so I would like to assure you that the Health Fund is in very good hands. I would also like to congratulate directors, Tony Williamson and Lewis Ramsay, on the confirmation of their reappointment to the Board, which was endorsed at the AGM.
This year, on 28 February, Queensland Country Bank will celebrate our 50th birthday. While we have grown significantly over the past 50 years, I am proud that our purpose and the reason we exist has never changed. From our humble beginnings, operating out of Room 17 of the Mount Isa Mines office, we now have a Head Office based in Townsville, administration offices in Cairns and Brisbane, 28 branches and over 400 staff. It is a credit to our Members, Board, Management and staff that we have grown to who we are today. In addition to a Member Meeting being held in Mount Isa in February, we have plans for a Queensland wide celebration on 23 February at all locations. More information on these events will be made available to Members soon.
I wish everyone a safe and prosperous 2021.