By CAITLIN CROWLEY
TOOWOOMBA’s iconic Heritage Bank will usher in a new era early next year when the newly merged customer-owned bank is officially renamed People First Bank.
Heritage merged with South Australia’s People’s Choice in March this year and customers can expect to see the first elements of the rebranding process from March 2024.
Heritage CEO Peter Lock (main picture) said the new brand was underpinned by extensive consultation with customers and employees who said they wanted the organisation to continue to put people first.
“We are owned by our customers. There is no doubt about our priorities. We exist to serve the interests of our customers,” Lock said.
“Unlike the listed bank model, we don’t have the conflict of having to generate massive profits to pay dividends to shareholders. Our profits remain in the business to provide ongoing value to customers and their communities.
“While our name and brand will change, our commitment to our customers, employees, local communities and being proudly customer-owned remains the same.”
Heritage and People’s Choice is Australia’s largest member-owned financial institution with 730,000 customers, 2000 employees and $23.3 billion in total assets.
Peter Lock said the organisation had undertaken a comprehensive process to develop the new brand to fulfil a key merger commitment.
“From the outset, we promised we would develop a single new brand following the merger, which customers overwhelmingly supported.
“We had no intention of adopting a multi-brand approach, as we have always aspired to create a strong new national brand that genuinely challenges the profit-maximisation model of the listed banks.”
Chairman Michael Cameron (pictured) said that the highly anticipated new brand offered a compelling proposition as a national purpose-driven, customer-focused banking organisation.
“People First Bank says exactly what we are focussed on – people,” Cameron 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.”
Heritage Bank’s rich history in Toowoomba dates back to 1875 with the establishment of the Toowoomba Permanent Building Society, which merged with Darling Downs Building society in the early 1980s to form Heritage Building Society.
The bank moved into its Ruthven Street headquarters, Heritage Plaza, in 1983 where it remains 40 years on.
While next year’s name change will be the end of an era for Heritage Bank, Peter Lock said it will be another historic milestone for the organisation.
