{"id":326553,"date":"2022-11-17T14:27:18","date_gmt":"2022-11-17T04:27:18","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=326553"},"modified":"2022-11-17T22:26:17","modified_gmt":"2022-11-17T12:26:17","slug":"members-approve-merger","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2022\/11\/17\/members-approve-merger\/","title":{"rendered":"Members Approve Merger"},"content":{"rendered":"
\"\"<\/a>
The Heritage Community Branch on the corner of Drayton and Fitzroy streets, Nanango, has been serving the local community for more than 20 years … its name is now expected to change following the merger of its parent company with the People’s Choice Credit Union<\/figcaption><\/figure>\n

November 17, 2022<\/strong><\/p>\n

Members of Heritage Bank and the People\u2019s Choice Credit Union have approved a merger of the two banking organisations.<\/p>\n

A Heritage spokesperson said the provisional results of a vote showed a clear approval for the merger.<\/p>\n

Both organisations needed to have at least 75 per cent of voting members in favour of the proposal for it to be approved.<\/p>\n

The provisional vote outcomes are still being validated and confirmed with the final results to be announced within days.<\/strong><\/p>\n

The spokesperson said People\u2019s Choice and Heritage were\u00a0 two of Australia\u2019s most successful customer-owned financial institutions, sharing strong cultural alignment, deep regional roots and “an absolute commitment to mutuality”.<\/p>\n

The new entity will have over 720,000 members, 1900 employees, more than $23 billion in assets and 95 branches across South Australia, Victoria, NSW, Queensland and the Northern Territory.<\/p>\n

\u201cThis is a milestone moment for the mutual banking sector and will provide existing and new members with a strong alternative to the big banks \u2013 an organisation with a national footprint that is owned by members and exists for the sole purpose of serving its members,” Heritage CEO Peter Lock said.<\/p>\n

The organisations are now awaiting final regulatory approval for the merger.<\/p>\n

If this happens, the two organisations will become a single organisation from March 1 next year.<\/p>\n

People\u2019s Choice chair Michael Cameron will head the new organisation, with Heritage chair Kerry Betros to become deputy chair.<\/strong><\/p>\n

Heritage CEO Peter Lock will become the new CEO with People\u2019s Choice CEO Steve Laidlaw his deputy.<\/p>\n

Mr Lock will retire 18 months after the establishment of the merged organisation, when Mr Laidlaw will be appointed CEO.<\/p>\n

The new organisation will continue to operate under the existing brands of Heritage Bank and People\u2019s Choice during the initial integration process.<\/p>\n

The merged organisation will then adopt a new name and brand.<\/p>\n

The Heritage spokesperson said there would\u00a0 be no branch closures as a result of the merger and no redundancies below executive level.<\/p>\n

Dual head offices will be maintained in Adelaide and Toowoomba.<\/p>\n","protected":false},"excerpt":{"rendered":"

Members of Heritage Bank and the People\u2019s Choice Credit Union have approved a merger of the two banking organisations.<\/p>\n","protected":false},"author":20,"featured_media":212533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5,3],"tags":[],"yoast_head":"\nMembers Approve Merger - southburnett.com.au<\/title>\n<meta name=\"description\" content=\"Members of Heritage Bank and the People\u2019s Choice Credit Union have approved a merger of the two banking organisations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/southburnett.com.au\/news2\/2022\/11\/17\/members-approve-merger\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Members Approve Merger - southburnett.com.au\" \/>\n<meta property=\"og:description\" content=\"Members of Heritage Bank and the People\u2019s Choice Credit Union have approved a merger of the two banking organisations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/southburnett.com.au\/news2\/2022\/11\/17\/members-approve-merger\/\" \/>\n<meta property=\"og:site_name\" content=\"southburnett.com.au\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-17T04:27:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-17T12:26:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/southburnett.com.au\/news2\/wp-content\/uploads\/2018\/06\/20180627cctv6.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"620\" \/>\n\t<meta property=\"og:image:height\" content=\"385\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anne Miller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anne Miller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/southburnett.com.au\/news2\/2022\/11\/17\/members-approve-merger\/\",\"url\":\"https:\/\/southburnett.com.au\/news2\/2022\/11\/17\/members-approve-merger\/\",\"name\":\"Members Approve Merger - 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