New name but same People first values for Heritage Bank

Heritage Building Society has today changed its name to Heritage Bank Limited.

Chairman Mr Brian Carter said adopting the new name would not change Heritage’s strong People first commitment but might help change the way people think about banks in Australia today.

“We represent a new style of bank in Australia – a customer-owned bank. A bank that puts People first in everything it does,” Mr Carter said.

“In fact, we are Australia’s largest customer-owned bank.

“We are different from the big banks because we are owned by our members, who are our customers, and our focus is on delivering them the best value possible.

“We’re not focussed on maximizing profit to deliver dividends for shareholders, because we don’t have any. We’re here for our members, not for profits.

“We have absolutely no intention of changing the structure, philosophy, culture and values that have made Heritage an outstandingly successful organisation for our members over so many years.

“Changing our name will not alter our member-focussed approach in any way. We remain totally committed to making a positive contribution to our members and the communities in which they live.”

Heritage Building Society was formed in 1981, as the result of a merger between the Toowoomba Permanent Building Society (established in 1875) and the Darling Downs Building Society (established in 1897).

Heritage was Australia’s largest building society and from today will become Australia’s largest customer-owned bank, with more than $8 billion in assets and 58 branches across southern Queensland.

As well as the name change, Heritage plans to open two new branches in Queensland next year and will also expand its mortgage broker network to include every state and territory in Australia from February.

CEO Mr John Minz said today was a significant moment for Heritage but was an evolutionary rather than a revolutionary step.

“As we look to the future as Heritage Bank, we will not be forgetting our 136-year history as a building society. The ethos and values developed during that period will continue to drive how we operate today,” he said.

“We have prospered throughout that time by adapting to changing circumstances and taking key strategic decisions when needed.

“Our change of name today is all about continuing that evolution and positioning Heritage for future success. It’s a change of name only – nothing more and nothing less.”

* Based on a $150,000 loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.