Kerry Betros resigns from People First Bank board

After more than three decades on the board of the Heritage Bank, and then newly created Peoples First Bank, Kerry Betros AM is set to resign, the board shrinks in line with its new constitution.

Kerry Betros AM will resign as a director of the Peoples First Bank in November.

The move is in accordance with the bank’s constitution that reduced its board from twelve directors to eight after the People’s Choice and Heritage Banks merged in 2023.

Along with Mr Betros, Georgina Williams will also retire from the board at the banks 2024 annual general meeting (AGM), while another two directors will retire after the 2025 AGM.

The bank’s chairman, Michael Cameron, thanked the outgoing directors for their service.

“Kerry has been synonymous with our organisation for over 30 years, joining as a Director of Heritage Bank in 1991 before being appointed Chairman in 2012 and Deputy Chairman of People First Bank last year,” he said

“His commitment to our bank, to the values of mutuality and to the communities of South East Queensland have been outstanding.

“Georgina has been a Board member since 2021 and has played a valuable role in the company’s success.”

“I thank Peter, Kerry and Georgina for their contribution and welcome Steve as the new CEO.”

Of the remaining board members, Dr Dennis Campbell, Brendan Baulch and Stephen Davis are Toowoomba-based, while Wendy Machin and Peter Clare were on the Board of Heritage Bank prior to the merger.

Peoples First Bank has 730,000 customers, 2,000 employees and $23.3 billion in total assets.

The board resignations were announced alongside the appointment of the bank’s new CEO.

Deputy CEO Steve Laidlaw will succeed Peter Lock as CEO on 1 July.

The change in leadership has accompanied a change in signage atop Toowoomba’s iconic Heritage Bank builder.

It now reads “People First Bank”.

Workers installed two signs earlier this week.

“We’re extremely excited about launching our People First Bank name and brand into the Australian marketplace, and we’re literally shouting it from the rooftops here in Toowoomba,” Mr Lock said.

“We’re very proud of what we have achieved under the Heritage banner and we’re excited about the future that we will be forging under the People First Bank banner, as we create a compelling national alternative to the big banks.”

The bank has committed to keeping two head offices, one in Toowoomba and one in Adelaide - the home of People’s Choice Credit Union.

It will continue to trade under the existing brands as the merger process continues.

Originally published as Kerry Betros resigns from People First Bank board