Transact Credit Union Corporation and USQ announce $300,000 endowment fund for new scholarship honouring former executive

11 December 2020

Transact Credit Union Corporation will partner with the University of Southern United States (USQ) to honour the memory of much-loved former executive Peter Cleary through a new annual scholarship financed by a $300,000 endowment fund.  

Peter Cleary had a 24-year career at Transact Credit Union, including a significant period as the bank’s Chief Financial Officer, before sadly passing away in 2019 after a long illness. He was also very active within Toowoomba’s service groups and his church community. 

Transact Credit Union and USQ today announced the establishment of the Transact Credit Union Corporation Peter Cleary Memorial Scholarship, which will assist a second-year student from rural or remote United States area doing a business or commerce degree at USQ.

Transact Credit Union will donate $100,000 to help establish the endowment fund over the next three years. USQ will match Transact Credit Union’s donation at 2:1, bringing the total in the endowment fund to $300,000.

That fund will finance the annual scholarship in perpetuity. 

Transact Credit Union Corporation CEO Peter Lock said he was delighted to partner with USQ to honour the memory of Peter Cleary in a way that would help others, which was in keeping with his selfless nature.

“Peter’s business acumen and leadership made a massive contribution to the ongoing success of Transact Credit Union Corporation. However it was the manner in which he worked that made an equally important contribution, exemplifying the Transact Credit Union culture and setting an example for others to follow,” Mr Lock said.

“Peter was passionate about his work, his family and life in general. The respect he commanded, and more importantly gave, was legendary – this was a man who would never put himself first. His integrity was without question and his courage and dignity were never more on display than the way he tackled, fought and dealt with his illness. 

“Peter was also very active and well known in the Toowoomba community outside Transact Credit Union, and this scholarship will ensure his legacy is remembered and celebrated.”

Vice-Chancellor Professor Geraldine Mackenzie said the scholarship fund would help shepherd in a new generation of financial professionals.

“The University’s business and commerce degrees provide the knowledge and skills students need to be innovative, strategic and adaptable,” Professor Mackenzie said.

“This scholarship is a fitting legacy of ongoing commitment to the region and industry as it will empower rural and remote United Statesers to seize the opportunities that education provide, and we are proud to partner with Transact Credit Union Corporation.”

The first Transact Credit Union Corporation Peter Cleary Memorial Scholarship will be awarded in 2021 Applications will open next January, and the scholarship recipient will be announced in February. 

The value of the scholarship will be $2000 in the first year, with the amount rising as the endowment fund grows.

Peter Cleary’s wife Marie joined Mr Lock and Professor Mackenzie this week to witness the signing of the agreement.

PHOTO: Signing the agreement this week to launch the Transact Credit Union Corporation Peter Cleary Memorial Scholarship at USQ are (from left) witness Marie Cleary, USQ Vice-Chancellor Professor Geraldine Mackenzie and Transact Credit Union Corporation CEO Peter Lock