The merged entity will continue to operate under the existing brands for about 12 months
Heritage Bank and People’s Choice Credit Union have officially merged, creating a new national mutual that has more than $23 billion in assets, 1,900 employees, 720,000 members, and 95 branches across South Australia, Victoria, NSW, Queensland, and the Northern Territory.
The new entity will continue to operate under the existing brand names of Heritage Bank and People’s Choice for an interim period of approximately 12 months.
After that, the merged customer-owned financial institution will adopt a fresh brand name that will reflect its status as an alternative to the big banks.
Chairman Michael Cameron said the merged organisation would build its success on Heritage and People’s Choice’s shared purpose.
“The transition to one organisation has been made much smoother because we already share remarkably similar cultures, values, and strategic goals,” Cameron said. “This is an exciting opportunity for all of us – our members, our employees, and our communities – to be part of creating something special in the Australian banking sector.”
CEO Peter Lock (pictured above) said the merger was a milestone moment for the Australian banking sector.
“We’ve brought together two of Australia’s most successful customer-owned financial institutions to create a strong national mutual alternative to the big banks,” Lock said. “The reality is Australians only have two choices when it comes to banking – they can go with a listed bank, which has profit maximisation as its top priority, or they can go for a customer-owned bank, which is solely focused on meeting the needs of its members.”
He said the merger established a new force in the mutual sector that combined the best of both organisations, enabling them to build on their individual strengths, while having greater size and scale to deliver more for members and communities.
“That includes enhanced products, services, digital capabilities and competitive pricing, while also increasing support for community and environmental initiatives,” Lock said.
The merged entity will maintain dual head offices in Toowoomba and Adelaide, to continue to provide local knowledge, employment, and investment.
The board of the merged organisation will comprise an equal number of directors from People’s Choice and Heritage.
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