Police Bank and Heritage Isle merger proposal endorsed to proceed
Friday 20th April 2018
Police Bank and Heritage Isle Credit Union (HICU) are pleased to confirm that their plan to merge the two member-owned banking organisations has been approved by the Members of HICU. The announcement follows the Special General Meeting of the Members of HICU last night at which the Members voted in favour of the merger proceeding.
Liz Swain, the Chair of Heritage Isle Credit Union Board, along with her HICU directors and staff, were delighted to note that an overwhelming majority of voting HICU Members recognised that the proposal presented a compelling proposition not just for current Members, but for all Tasmanians looking for a genuine alternative to big banks and other Mutuals.
David Walton, the Chair of Police Bank said he is excited to see that the merger will proceed. “The merger allows us to proceed as a larger and more capable business continuing to deliver outstanding value across a larger geography than ever before.”
Annette Griffin, the CEO of Heritage Isle explained that her whole team are looking forward to being able to continue to support their Members. “Members with a keen eye for detail will note a familiar but different logo from 1st May as HICU takes on the new ‘Bank of Heritage Isle’ name. This change will be reflected in Branches, the website and electronic banking services. What is pleasing is that regardless of our new name, our Members will continue to have the support of our great local team.”
The CEO of Police Bank, Tony Taylor described that the business would now be focussed on ensuring that Members would be well supported through the process of combining the businesses; initially by launching the new Bank of Heritage Isle brand and further through the full business integration which is likely to be completed sometime after November 2018.
HICU Members will be updated on the transition as the businesses take steps to complete the integration of the businesses. Details will also be available from the Police Bank and Heritage Isle websites.