In early 1969 a group of Esso employees wanted to establish a co-operative financial institution that could be owned, operated and totally committed to Esso people and their families with the aim of being able to help each other build a more financially secure and rewarding life.
With the support of many people and Esso Australia, in March 1969 the Esso Employees Credit Union – EECU – was formed, with operations based out of the 17th floor of the old AMP Building at Circular Quay in Sydney. The first year of the credit union was a resounding success with over 640 members joining, whilst loans totalling more than $200,000 (more than $2M in 2017 money) were approved and provided to some 470 members.
In 1971 following the construction of Esso House on Kent Street, EECU was afforded a ground level shop front to provide branch operations to a growing membership. The first full time manager was appointed around this time and there were new products and services introduced to meet the needs of the expanding membership.
EECU operated the Sydney branch within Esso House until December 1991, and then was relocated within the new ExxonMobil headquarters at Riverside Quay, Southbank in Victoria when it opened in 1995. Although the branch location had changed, the commitment to providing Sydney and NSW members with exceptional service is as strong as ever.
During the 1970s additional EECU branches and offices were established at key Esso locations including Mudgee in NSW (now closed) and Sale, Victoria, where we still operate a branch today, providing outstanding services to the Gippsland ExxonMobil community.
In early 2017 the organisation launched an exciting new name and brand - Nexus Mutual - that wholly encompasses the core values of prosperity, co-operation and community that have driven EECU's success for decades, but also demonstrates a renewed focus of the team that puts members' financial prosperity right at the centre of everything we do from this point on.
In May 2018, Nexus Mutual moved together with ExxonMobil's headquarters to 664 Collins Street, Docklands Victoria.
Celebrating 50 years
We are now in our 50th year of operation in 2019 and our continued success is due to loyal support from members that make us their financial and banking partner of choice. Today Nexus Mutual is a thriving credit union with over 6,000 members across Australia and beyond, with a range of competitive and modern banking products and services that have been tailored to the needs of the ExxonMobil community.
Even though much has changed since EECU was formed over 50 years ago, the notion of mutuality, that is to provide shared financial benefits for our members, is as strong as ever.