CEO Peter Lock announces that Heritage Bank is proceeding with plans to merge with People's Choice Credit Union following a rigorous due diligence process.
Heritage and South Australian-based People’s Choice have proud histories and legacies in their communities. Both are proudly member-owned, have deep regional roots and a successful track record in customer-owned banking. Both organisations are fiercely committed to delivering exceptional customer service, member value and absolute commitment to mutuality.
We will definitely remain customer-owned if a merger goes ahead - being customer-owned is fundamental to who we are. In fact, this merger is being driven by our commitment to mutuality and retaining a committed member focus.
We are confident the proposed merger is in our members’ best interest and will unlock significant member benefits such as enhanced products, services, digital capabilities and competitive pricing through a growing national footprint.
A robust top-level governance structure has been agreed to oversee the management and strategic direction of the merged organisation.
This structure will provide stability, local experience, seamless leadership transition and deep banking expertise for the merged organisation during the integration period and into the future.
The merged organisation will have dual head offices in Toowoomba and Adelaide, and we are committed to no branch closures as a result of the merger. We will of course remain deeply committed to supporting our members and our local communities, including through our community sponsorships and corporate social responsibility programs. That includes the continuation of the Heritage Bank Charitable Foundation and the wonderful work it does to support people in need.
Members will have the final say on the proposed merger through a vote that is expected on the day of our AGM later this year. Should members vote in favour of the merger, the combined mutual is expected to be established in early 2023.
For more information, see our latest announcement and FAQs below.
For now it is business as usual as we continue to support our members.
Why are we proposing a merger?
Where are we at in the process?
What will each organisation bring to the merged organisation?
Who is People’s Choice?
What member benefits have been identified?
If the merger goes ahead, will we keep our mutual status?
Is this a takeover?
Who will be the CEO and Chairman?
How many Board members will there be?
What will happen to our name and brand?
What if the merger doesn’t proceed?
What happens next?
What does the merger mean for members?
How will members benefit?
What will happen to my membership when the merger completes?
What does it mean for current product features and services?
Do members get to vote on the merger?
What do members of both Heritage and People’s Choice need to do now?
Will the merger result in branch closures?
What does this mean for the community sponsorships we have in place?
Will there be any job losses or redundancies?