Tasmanian economy outlook bodes well for MYS, page-4

their banking license isn't particularly valuable - they were a credit union as an ADI before becoming a 'bank'. Not much actually changed when they became a 'bank' other than calling themselves one. Indeed being a bank is fast becoming more of a pain that a pleasure - particularly given the very high compliance and regulatory costs coming in with Basel III. I can't see why WES would take them over - they have no brand name or franchise outside of Tasmania, they have a very narrow funding base and basic, undiversified operating base and loan base. They could 'merge' with another small player like a small regional or niche player, but this is more likely to destroy value rather than create it.