Mr Brian Carter to retire after 30 years as Chairman of Heritage Bank

Heritage Bank announced today that its long-serving Chairman, Mr Brian Carter, will retire in June.

Mr Carter will step down both as Chairman and as a Director after the monthly Heritage Board meeting on Thursday, 21 June. That will bring to an end a 37-year career as a Director with Heritage, including the last 30 years as Chairman.

Mr Carter said the successful name transition to Heritage Bank in December last year, and the fact that he had reached the age of 70, made this the appropriate time to stand aside and make way for a new era.

"Notwithstanding the numerous awards that Heritage has won both as an organisation and for its products, one thing that makes me very proud is the reputation that Heritage has earned for its integrity, fair dealing, customer satisfaction – sitting at 97% in a recent independent poll – and for being a good corporate citizen," Mr Carter said.

"But perhaps the thing that makes me most proud is that Heritage started in Toowoomba, has remained in Toowoomba, and will remain in Toowoomba."

Mr Brian Carter was a Toowoomba solicitor when he was appointed to the board of the then Darling Downs Permanent Building Society in 1975 at the age of 33. When Darling Downs Permanent merged with Toowoomba Permanent Building Society to form Heritage Building Society on 1981, he was appointed Deputy Chairman. Mr Carter became Chairman of Directors in 1982 and has remained in that position ever since.

Mr Carter has overseen a remarkable period of evolution in which Heritage has grown from a merger of two small building societies to become Australia’s largest customer-owned bank.

When Mr Carter joined Darling Downs Permanent, it had only just passed $50 million in total assets. At merger in 1981, the new Heritage Building Society started with $147 million in total assets, five branches and one agent.

Today, Heritage Bank has assets of $8 billion, 59 branches, 65 mini-branches, a fleet of ATMs, and with customers in every state and territory in Australia. A 60th branch is due to open in Bundaberg soon.

Mr Carter thanked his colleagues at all levels – board, management and staff, both current and past – for their help and support over the years. He also made special mention of his wife Rosemary, his daughter Julie and his son Austin for their support and understanding over the past 37 years.

Mr Carter's successor as Chairman, and a replacement Director, will be announced on Friday morning following the Heritage Board meeting on Thursday.

"The Board that I leave behind is first class and I am sure the new leadership team will guide Heritage Bank to even bigger and better things moving forward," Mr Carter said.

During his career, Mr Carter has at various times served as Chairman of St Vincent's Hospital, Chairman of the Queensland Institute of Medical Research, the original Chairman of the Cobb & Co Museum, President of the Downs & South Western Law Association and President of the Toowoomba Cricket Association. He is a life member of the Northern Brothers Diggers Cricket Club.

Mr Carter was appointed a member in the General Division of the Order of Australia (AM) in 2006 "For service to business through the building society industry, and to the community through health care and medical research organisations."

In 2001, Mr Carter was awarded the Centenary of Federation Medal for distinguished service to the community. On 27 April 2007, he was awarded an honorary doctorate of the University of Southern Queensland for his strong advocacy of the university and his significant contribution to the community through his voluntary, charitable and sporting contributions.

* 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.