Boards give green light as plans progress toward regulatory approval and integration planning
Regional Australia Bank and Summerland Bank have taken a major step toward their proposed merger, with both institutions securing board approval following the completion of an extensive due diligence process.
After months of collaboration and an independently conducted due diligence review, Summerland Bank’s board approved the merger on April 14, followed by Regional Australia Bank’s board on April 15.
“This is a proud step forward for both Regional Australia Bank and Summerland Bank,” said David Heine (pictured above left), chief executive of Regional Australia Bank. “The successful completion of the due diligence phase and board approvals highlights the strength of our alignment, values and shared ambition for our proposed merger.”
With board approvals now in place, both banks will move forward with regulatory submissions and integration planning. The customer-owned banks first announced their intent to merge in October 2024.
“Now that the important due diligence phase has been completed, we look forward to further engaging with customers over the coming months,” said John Williams (pictured above right), chief executive of Summerland Bank. “We value customer feedback and questions on the merger and remain committed to keeping our customers and communities informed every step of the way.”
According to the two banks, the merger is expected to bring broader service access, deeper community investment, and increased financial capability. Customers will gain access to a wider range of products and services through a larger network of branches and digital platforms. The combined entity will have greater capacity to invest in community initiatives, including support for local projects, sustainability efforts, and social programs.
The strengthened financial position will also enable expanded support for member-focused innovations, safety initiatives, and business lending. For employees, the merger is set to offer more career paths, training opportunities and a supportive, unified workplace culture.
Both organisations have committed to maintaining open and transparent communication as they prepare submissions to the Australian Prudential Regulation Authority. Customers and employees will be kept informed to ensure a smooth transition. No branch closures are planned, and both banks will continue operating under their respective brands throughout the process.
Once complete, the merger will expand the banks’ combined footprint across New South Wales and into South-East Queensland. Regional Australia Bank currently operates 39 branches from Wagga Wagga to Tenterfield, while Summerland Bank serves customers through 10 locations spanning from Grafton to the Northern Rivers and up to the Queensland border. The united organisation aims to strengthen face-to-face banking while continuing its personalised, community-first approach.
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