Members to vote on Heritage Bank, People’s Choice Credit Union merger

Heritage Bank members will soon have had a say on plans to join forces with a South Australian credit union, as an ‘absolute commitment’ is made to workers.

A date and time have been set for a members’ vote on the proposed merger between Heritage Bank and the People’s Choice Credit Union.

Heritage Bank members will vote at 2.30pm Wednesday.

The People’s Choice Credit Union members will have their say a short time later, after an Annual General Meeting that is scheduled to start at the same time.

The merger would create Australia’s ninth largest lender, with a $23 billion balance sheet, 20,000 members, 90 branches and about 1800 employees.

Heritage Bank CEO Peter Lock.

A Heritage Bank spokesman said there was an “absolute commitment” there will be no redundancies below executive level as a result of the proposed merger.

However, the future of key executive positions at both institutions are in doubt.

The final executive structure will not be completed until after the merger votes.

Heritage CEO Peter Lock said in April the financial strength of both organisations would provide significant benefits to both parties and their members.

“There was nothing in the current operations that, when combined, would create a concern for either board in making a recommendation on the merger to members,” he said.

“Both are really well run, have similar balance sheets and it is a great opportunity to create the ninth-largest bank in Australia, which would always have its origins in Toowoomba.”

Mr Lock said there would be no branch closures and the new entity would keep its head offices in Toowoomba and Adelaide.