Toowoomba’ Heritage, Adelaide’s People’s Choice to become People First Bank following mutual lender merger

Heritage Bank’s logo won’t be adorning Toowoomba’s city streets much longer, after the iconic institution revealed its new name and branding following a significant merger.

One of Toowoomba’s most famous institutions will have a new name from 2024, with Heritage to become People First Bank following the company’s merger with Adelaide’s People’s Choice.

Chief executive Peter Lock and chairman Michael Cameron revealed the name change on Tuesday, among the final pieces in the unification of two of Australia’s largest mutual banks.

It comes 10 months after the merger was completed in March 2023 and more than two years after the process was first announced in 2021.

It means People First Bank is now Australia’s largest mutual lender, with 730,000 customers, 2000 employees and $23bn in assets.

Heritage Bank and People's Choice CEO Peter Lock has revealed the new merger's name will be People First Bank.

Mr Cameron said the name reflected the company’s structure that allowed profits to be redirected back into the business rather than with shareholders.

“People First Bank says exactly what we are focused on – people,” he said.

“Our new brand builds on the strengths and values of both organisations over our near 150-year history while standing out in today’s highly competitive banking environment.”

Mr Lock, who was the chief executive of Heritage, said the gradual rebranding would start from March 2024.

Heritage Bank and People's Choice CEO Peter Lock and chairman Michael Cameron.

“From the outset, we promised we would develop a single new brand following the merger, which customers overwhelmingly supported,” he said.

“We had no intention of adopting a multibrand approach, as we have always aspired to create a strong new national brand that genuinely challenges the profit-maximisation model of the listed banks.

“This is another historic milestone in a landmark year for our organisation.”

The announcement comes a week after the company’s AGM, where it reported new member growth of more than 11,000 people over its first 120 days since March 1.

The bank has committed to building a new seven-storey headquarters in the Toowoomba CBD.