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 and member value.
We are absolutely committed to remaining a mutual if a merger goes ahead - being a mutual 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 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.
By joining forces, we would have the size and scale to deliver more for our members through enhanced products, services, digital capabilities and competitive pricing.
If the merger proceeds it would be a true merger of equals with equal Board representation and dual head offices retained in Toowoomba and Adelaide.
A detailed and thorough due diligence process is now underway, and should both Boards agree to proceed, the proposed merger will be put to both groups of members for approval in the first half of 2022.
For more information, see our full announcement and FAQs below.
Why are we exploring a merger?
What will each business bring to the combined entity?
Who is People’s Choice?
If the merger goes ahead, will we keep our mutual status?
What will happen to our name and brand?
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?
Would the Heritage Bank Charitable Foundation continue?