Merger FAQs


Why did you merge?

The merger provides the opportunity to do more for members by combining two member-driven and complementary businesses while also increasing support for community and environmental initiatives. By bringing our two like-minded organisations together, we have the scale needed to deliver more for members through better products, services, digital capabilities, and competitive pricing.

How will members benefit?

The merger has provided the scale needed to ensure members continue to benefit from competitive financial products, personalised customer service and modern, secure banking technology – all with the care that only a strong, sustainable, member-owned banking organisation can provide. 

We are now large enough to offer members more but still small enough to retain the personal touch. 

The benefits members that will enjoy over time as a result of the merger include:

  • Gaining access to one of Australia’s largest member-owned branch networks with over 90 locations.
  • A wider range of award-winning, competitively-priced products and services.
  • 24/7 call centre support and Saturday trading in selected branches. 
  • Contemporary, secure digital banking, backed by ongoing investment to meet members’ evolving needs.
  • A minimum of $50 million over five years in community support and environmental initiatives.
  • Local knowledge, employment and investment from our permanent, dual head offices in Toowoomba and Adelaide. 

Are you still a mutual?

Yes. We remain 100% member-owned and totally focused on serving you, our members.

Was this a takeover?

No. It has been a true merger of equals. This is reflected by our commitment to maintain dual head offices in Toowoomba and Adelaide. Plus, the new Board is made up of an equal number of directors from Heritage Bank and People's Choice Credit Union.

What has happened to my membership?

Members of both Heritage Bank and People's Choice Credit Union have automatically become members of the merged organisation.

What does it mean for my accounts/products?

There are no immediate changes to current product features and services. As our systems are integrated, members will be able to access to a wider range of award-winning, competitively-priced products and services. Members will be fully notified of any changes which impact them.

What’s happening to your name and brand?

We are now one single organisation, with the legal name of “Heritage and People’s Choice Limited”.

However, we will continue trading under the existing brand names of “Heritage Bank” and “People’s Choice” for an interim period. In time, we will adopt a fresh, new brand name that reflects our aspirations to provide a compelling alternative to the listed bank sector for all Australians.

Will there be any job losses or redundancies?

Our people are our strength. Their skills, dedication and commitment to our members are critical to our ongoing success. Both organisations have committed to no non-executive redundancies as a result of the merger.

Will your headquarters move?

No. We will operate dual head offices in Toowoomba and Adelaide. We remain committed to maintaining our presence in our existing communities, including continued support of local community programs.

Who are the CEO and Chairman?

Michael Cameron, the former People’s Choice Credit Union Chairman, has been appointed as Chairman and Kerry Betros, the former Heritage Bank Chairman, has been appointed Deputy Chairman.
Peter Lock, the former CEO of Heritage Bank, is now CEO of the merged organisation and Steve Laidlaw, the former CEO of People’s Choice Credit Union, has been appointed Deputy CEO. Mr Lock will retire after 18 months in his new role, when Mr Laidlaw will be appointed as CEO.
This arrangement will provide seamless leadership and deep expertise during the current integration period and well into the future.

You can find out more details on our Directors and Management here.

What happens next?

We’re now working to fully integrate our products, services, technology and internal processes, and deliver benefits to members. Members will be fully notified of any changes which impact them.