Both credit unions were founded in 1964 from manufacturing employee groups.

Orange Credit Union chair Amanda Mooney said joining forces would mean new offerings blended with traditional branch-based banking.

"The sustained success of both Macquarie and Orange Credit Unions throughout almost 60 years clearly shows the community values local banking, where the decisions are made right here within the region and the focus is people before profits," Mrs Mooney said.

"In a time of rapid change and the need to invest in digital banking services; the pooled resources and expertise from a possible merger will enable members to better utilise new banking channels without losing the ability to connect face to face with locals who are backing locals."

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A due diligence process is to be conducted by both organisations over the next several months before a possible merger is presented to the regulators for review and required approval.

Members of both credit unions are likely to be provided with further information about any proposal prior to their respective annual or special general meetings later this year.

Subject to all required approvals, the merged credit union would be formed in March 2022. A combined entity would represent around 18,000 members and assets of approximately $375 million.

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