Heritage Bank

Heritage Bank
Bank (Mutual)
Industry Banking and financial services
Founded 1875 as Toowoomba Building Society[1]
Headquarters Toowoomba, Australia
Key people

Peter Lock CEO

Kerry Betros Chairman
Products

Banking Investment Insurance Mortgages

Personal Lending
Website www.heritage.com.au

Heritage Bank Limited is Australia's largest mutual bank. Its head office is located in Toowoomba, Queensland.[2] A historical brand of the bank is the Toowoomba Permanent Building Society.

Heritage has assets exceeding $9.5 billion as at 30 June 2018[3] and currently employs over 800 staff. The bank has over 60 branches in southern Queensland and sells home loans via a network of mortgage brokers in every state and territory in Australia. The bank's customer contact centre is also based in Toowoomba, Queensland and operates 24 hours a day, 7 days a week.

History

Heritage Building Society was formed in 1981 by the merger of Toowoomba Permanent Building Society (est. 1875) and the Darling Downs Building Society (est. 1897). In 2011 the organisation changed its name to Heritage Bank.[4]

1893 Toowoomba Permanent Building Society was formed
1893 Toowoomba Permanent Building Society recorded a record profit
1897 Darling Downs Building Society launched
1908 Darling Downs Building Society established agents in western centres as well as Gatton and Laidley.
1914 Darling Downs Building Society becomes the largest building society in Queensland. Toowoomba Permanent Building Society is the third largest society in the state
1923 Toowoomba Permanent Building Society replaces Darling Downs Building Society as the largest building society in Queensland
1934 Toowoomba Permanent Building Society moved it's head office from Russell Street to a site at the corner of Russell and Neil Streets, Toowoomba where it remained for 43 years
1937 Darling Downs Building Society regains the position of largest building society in Queensland
1954 Darling Downs Building Society relocates it's head office from Neil Street to Margaret Street, Toowoomba
1971 Darling Downs Building Society moves it's headquarters to Ruthven Street, Toowoomba
1981 Amalgamation of Toowoomba Permanent Building Society and Darling Downs Building Society to form Heritage Building Society
1983 Head office moves to newly constructed Heritage Plaza at 400 Ruthven Street, Toowoomba
1995 Assets of Heritage Building Society pass the $1 billion mark
1999 Heritage opens Queensland's first community branch in Crows Nest, Queensland
2003 Assets under management of Heritage Building Society pass the $4 billion mark
2009 Heritage passes the $7 billion mark in assets under management
2011 Heritage officially changes its name to Heritage Bank

Ownership

Heritage Bank is a mutual organisation where it is owned by its members, not by shareholders.[5] Heritage is also a member of the Customer Owned Banking Association.[6]

Products and Services

Heritage provides retail, business and agribusiness banking services as well as superannuation, insurance products and financial planning.[7]

Heritage Notes

In October 2009, Heritage was the first mutual Authorised Deposit-taking Institution (ADI) to initiate an ASX listed debt transaction. Heritage raised $50 million from the issue of 500,000 subordinated, unsecured debt securities. The demand for Heritage Notes was extremely strong and the transaction was three times oversubscribed.[8][9]

Cards and Payments innovation

Heritage is the largest issuer of pre-paid cards in Australia, particularly travel cards, working with a number of companies that sell pre-paid cards - for instance gift cards, or debit cards that can be re-loaded and used instead of cash. Heritage currently supports brands including Australia Post, Optus, Qantas, Travelex, and MasterCard's multi-currency CashPassport.

Community Branches

Heritage currently has 7 Community Branches located in Highfields, Crows Nest, Millmerran, Karalee, Forest Lake, Nanango and Palmwoods.

The community banking model is based on the formation of a community-based company made up of a range of investors from the immediate area where a branch is to be established. Heritage then partners with this company to form a joint venture. Joint venture company directors act in a voluntary capacity. Both Heritage and the company contribute to the set-up costs and share ongoing expenses.

Profits are shared and the company can distribute its share of profits back into the community to support charities, sporting clubs and other local organisations through grant funding.

Sponsorships and community support

Heritage sponsors a number of organisations and events in Queensland, including the Queensland Performing Arts Centre, Ekka, Heritage Bank Toowoomba Royal Show, Heritage Bank Sunshine Coast Show, Toowoomba Carnival of Flowers, Ipswich Festival, Triathlon Pink, and Tennis Queensland.[10]

Calendar House

Kerry Betros (Heritage Bank Chairman) with Jeremy and Lucy Osborn (owners) with 2015 Calendar House painting of Bunya Park.

Every year, Heritage releases a calendar which features a painting of an architecturally and historically important house in Queensland. A brief history of the home is also included on the calendar. The aim is to recognise and celebrate the finest examples of excellence in Queensland’s domestic architecture. The first edition of the calendar was released in 1982.

Photographic Awards

The Heritage Bank Photographic Awards are held annually, with the competition open to Australian residents. No background or experience in photography is required. Entries are accepted in two main categories. The first is the open category where the choice of subject is up to the photographer. The second is the themed category which changes annually and entries are open to the photographer's interpretation of the theme. The Photographic Awards celebrated their 30th year in 2018.

Power Suit

Heritage Bank partnered with M.J. Bale and Visa in 2014 to create a suit with a contactless payment chip and antenna fused into the sleeve, giving men the ability to pay for anything by waving their sleeve over a contactless payment terminal. The contactless payment chip features Visa payWave technology and is tied to an account issued by Heritage Bank. One of these suits was sold in the M.J. Bale, Westfield Sydney store, and another was sold online via auction with the proceeds going to the charity 4 ASD Kids.

HOVA

In 2017, Heritage was the first financial institution in Australia to launch a payments band for customers. The HOVA is a wrist band with an embedded chip that provides the same functionality as a normal plastic credit or debit card. It allows users to leave their wallet or phone at home and make a purchase simply by “hovering” the device over a contactless payment terminal. The HOVA payment bands were only available for a limited time.

See also

References

  1. ↑ Heritage Bank - History
  2. ↑ "About Heritage". Retrieved 2014-12-30
  3. ↑ "Financial Information - Reports". Retrieved 2014-12-30.
  4. ↑ "History". Retrieved 2010-08-25.
  5. ↑ "Our Brand". Retrieved 2010-08-25.
  6. ↑ "Heritage Bank About Us".
  7. ↑ "Heritage Bank". Retrieved 2014-12-30.
  8. ↑ "ASX - Announcements released as HBS". Retrieved 2010-08-25.
  9. ↑ "Heritage Notes". Retrieved 2010-08-26.
  10. ↑ "Sponsorships and Events". Retrieved 2014-12-30.
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