Members endorse plan for name change to Heritage Bank

Heritage is one step nearer becoming Australia’s largest member-owned bank after an overwhelming vote in favour of its planned name change to Heritage Bank at today’s Annual General Meeting.

The vote was supported by 98.6% of members who were eligible to vote at the AGM today.

The resolution outlined the proposed change of name to Heritage Bank Limited and the associated changes required to the Heritage constitution. To be approved, it needed to receive a 75% majority of the votes cast by eligible members.

The successful vote leaves only one regulatory milestone to achieve before the name change can take place.

As well as the member vote, Heritage also needs approval from the Australian Prudential Regulation Authority (APRA) to change its name to Heritage Bank.

Heritage is advising APRA of the outcome of the members’ vote and awaits formal approval of its application for the name change.

Provided that approval is obtained, Heritage aims to begin operating as Heritage Bank from December this year.

* 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.