What this means for members
- Our members’ interests will be the most important consideration in this process.
We believe that by bringing our two organisations together, we would have the size and scale to deliver more for our members through enhanced products, services, digital capabilities and competitive pricing.
Importantly any merger would be structured as a merger of equals and the combined entity will still be customer-owned which means our focus will always be our members.
- The Boards of People’s Choice and Heritage Bank believe that a merger would be in the interests of members.
At this early stage we believe the complementary capability of the two entities would provide members with access to a broader, more diversified distribution network across branches and brokers as well as greater access to additional products and payment capabilities.
Members would also benefit from an expanded national network of over 90 branches proudly serviced by approximately 1,700 people.
A detailed and thorough due diligence process is now underway and should we decide to proceed members will receive detailed information on the anticipated benefits.
Ultimately it will be up to members to decide whether we proceed with a merger or not.
- Should the due diligence process indicate the merger to be in the best interest of members and we decide to proceed, both People’s Choice and Heritage Bank members will have the opportunity to vote on the proposed merger which would be expected to occur in the first half of 2022.
- Current members of People’s Choice and Heritage Bank will be, or become, members of the combined entity with both groups of members having the same rights.
- There will be no immediate change to current product features and services to members.
Should the due diligence process indicate the merger to be in the best interest of members, we expect the best features of the respective brands’ products and services will become available to the broader member base over time.
- Members do not need to do anything at this stage. Any decision made to proceed with a merger would only be made if it is deemed in the best interests of our members. In the meantime, we remain focused on business as usual and continuing to support our members.
Should the merger proceed to a member vote, further information will be provided to members including details of the timing and process.
Did you find what you are looking for?
Help us improve our website and the information we provide to ensure you get what you need.