James McCusker (banker)
Sir James McCusker | |
|---|---|
| Born | James Alexander McCusker Template:Birth date North Perth, Western Australia, Australia |
| Died | September 30, 1995 (aged 81) |
| Occupation(s) | Banker, philanthropist |
| Years active | 1930s–1990s |
| Known for | Founding Town & Country Building Society, philanthropy |
Sir James Alexander McCusker (2 December 1913 – 30 September 1995) was a distinguished Australian leader in financial services and a noted philanthropist during the 20th century.
Early life
McCusker was born in North Perth, Western Australia, and attended Perth Modern School until the age of 14. Due to financial difficulties, he left school early to commence work as a junior clerk at the Commonwealth Bank. During the Second World War, he served as a sergeant within the 1st Armoured Division. After his military service, he resumed his banking career, taking roles as a valuer and accountant in Hobart before being appointed senior manager of the William Street branch in Perth in 1953.
Building society movement
In 1959, McCusker departed from traditional banking to establish and oversee several terminating building societies aimed at providing home financing. A significant milestone occurred in 1964 when he co-founded the Town & Country Building Society (T&CBS) alongside his son Malcolm and Bob McKerrow, launching with an initial capital of £100,000. This institution was the first permanent building society established in Western Australia in over one hundred years.
McCusker and his partners transformed farmland east of Perth into residential subdivisions, marketed with building society-backed financing, leading to the creation of the Thornlie suburb. Under his guidance, T&CBS experienced rapid expansion—assets surpassed $100 million within five years and exceeded $900 million by 1990. It evolved into one of Western Australia’s largest financial entities, with 31 branches, 103 agencies, and a workforce of 650 employees. The society also engaged in residential land development and extended financing solutions for homebuyers, commercial enterprises, and agricultural ventures throughout both metropolitan and rural regions.
During the high-interest rate period of the 1980s, McCusker introduced an innovative program that allowed prospective homeowners with limited equity to rent properties with an option to purchase.
He held the position of President of the WA Association of Permanent Building Societies from 1978 to 1979 and continued serving on its council thereafter. McCusker contributed to housing policy development at the state level and chaired a committee focused on rates and taxation in 1980. In recognition of his contributions to banking in Western Australia, he was knighted in the 1983 New Year Honours.
In 1990, ANZ Bank acquired T&CBS for $145 million; the McCusker family retained a 26% shareholding and gained substantial financial benefits. Following this transaction, James McCusker was appointed chairman of ANZ Bank’s Western Australia Advisory Board.
Philanthropy
Martindale Pty Ltd, jointly managed by James McCusker and his son Malcolm, engaged in numerous charitable activities. In 1990, they established the Sir James McCusker Training Foundation to provide education and support for carers of individuals affected by Alzheimer's disease through initiatives such as the McCusker Foundation for Alzheimer's Research and facilities including the Lady McCusker Home.
Martindale also offered financial assistance to prominent health organizations such as the Lions Eye Institute, Glaucoma Research Institute, WA Urological Research Centre, WA Institute of Medical Research, Cerebral Palsy Foundation, Country Medical Foundation, Workskill Australia Foundation (WA Division), Paraplegic Association of WA, and Birthright (WA branch).
Beyond charitable endeavors, Martindale expanded its interests into land development, agriculture, and livestock grazing. The company developed major residential projects around Perth including Beaumaris (Iluka), Secret Harbour, and The Avenues (Cannington). It operated significant pastoral properties such as Boolardy sheep station on the Murchison River and Landor cattle station on the Gascoyne River. Agricultural holdings spanned approximately 10,000 hectares across districts including Dandaragan, Calingiri, and Victoria Plains. In recognition of his dedication to agriculture, James McCusker was granted life membership by the Royal Agricultural Society of Western Australia.
To further advance agricultural research, James and Malcolm initiated the Martindale Research Project in collaboration with the University of Western Australia’s Faculty of Agricultural Science and the WA Department of Agriculture and Food. This endeavor became Australia's largest project of its kind focused on agricultural innovation. Martindale received state Landcare Awards for efforts in rehabilitating degraded sandplain areas. Research outcomes were disseminated through public field days and published reports.
In 1935, James McCusker married Mary Martindale Whyle. They had three children and six grandchildren. Their eldest son, Malcolm McCusker, continued their philanthropic tradition and served as Governor of Western Australia. Mary passed away earlier in 1995; James died later that year on 30 September.