Adelaide Bank

Co-operative Building Society of South Australia Limited & Hindmarsh Building Society redirect here.

The Adelaide Bank was a publicly listed bank with its head office in Adelaide, South Australia (and should not be confused with the Bank of Adelaide which fell into financial difficulty in the 1970s and was taken over by the ANZ Bank). It was established on 1 January 1994 from the Co-operative Building Society of South Australia Limited, which was Australia's largest building society as a result of a merger with the Hindmarsh Building Society.[1] On 9 August 2007 it merged with the Bendigo Bank, (ASX: BEN), and Adelaide Bank shares are no-longer quoted on the ASX. Since 2008 the new entity has been known as the Bendigo and Adelaide Bank.[2]

History

As a building society

The Hindmarsh Building Society was established in 1877 in Hindmarsh, South Australia on the principles that "home ownership is the cornerstone of a successful community and that owning a home should be possible for everyone".[3] From 1877 to 1968 it was known as the Hindmarsh Loan, Land, Building and Investment Society, at which time it became known as the Hindmarsh Building Society.[4] In October 1974 the Hindmarsh Building Society was briefly subject to a "run". The State Premier, Don Dunstan, arrived with a loud-hailer to assure people that their money was safe and that the building society was backed by the state government.[5][6] In 1977 it donated the 'Malls Balls' (The Spheres by Herbert Flugelman) to the City of Adelaide to mark the centenary of the society.[7][8]

The Co-operative Building Society of South Australia Limited was founded by Alwin Fischer and incorporated in 1900,[1][9] and by 1990, the building society's asset base passed the $1 billion mark.[1] In 1992 the Society amalgamated with the Hindmarsh Building Society.[4]

As a bank

The Bendigo Centre

Adelaide Bank was established on 1 January 1994 from the Co-operative Building Society of South Australia Limited, which was Australia's largest building society as a result of a merger with the Hindmarsh Building Society in 1992.[10]

On 9 August 2007, the Adelaide Bank was merged with the Bendigo Bank. On 12 November 2007, ~98% of the Adelaide Bank Ordinary Shareholders voted their support for the merger. The Federal Courts then approved the merger on Friday, 16 November and the implementation date of the merged bank was Friday, 30 November. In March 2008 the merged bank officially changed its name to Bendigo and Adelaide Bank Limited.[2][11]

References

  1. 1 2 3 Our History, Adelaide Bank, web.archive.org
  2. 1 2 Adelaide Bank Merger Update Archived 21 August 2011 at the Wayback Machine.
  3. ↑ About Us Archived 13 February 2015 at the Wayback Machine., Bendigo and Adelaide Bank Group
  4. 1 2 Hindmarsh Adelaide Building Society ( - 1992), www.gabr.net.au
  5. ↑ Mervyn K Lewis "The Myths of Free Banking", Chapter 23 in "Markets, Unemployment and Economic Policy : Essays in honour of Geoff Harcourt", volume two, Edited by Philip Arestis, Gabriel Palma and Malcolm Sawyer
  6. ↑ Leon Mann; Trevor Nagel; Peter Dowling (September 1975). "A Study of Economic Panic: The "Run" on the Hindmarsh Building Society". Sociometry. 39 (3): 223–235. doi:10.2307/2786515. JSTOR 2786515.
  7. ↑ Lauren Ferrone (28 November 2016). "'Malls Balls' a gift to Adelaide". Inside South Australia.
  8. ↑ Spheres, Adelaidia > Things, adelaidia.sa.gov.au
  9. ↑ Co-operative Building Society of South Australia Limited, www.slsa.sa.gov.au
  10. ↑ Bendigo & Adelaide Bank Website, About Us page Archived 13 February 2015 at the Wayback Machine.,
  11. ↑ Organisational design and executive team for merged Bendigo Bank and Adelaide Bank announced, 30 November 2007, ASX release, www.asx.com.au

Further reading

  • Anne Fricker (1988) "Cooperation, The History of the Cooperative Building Society of South Australia"
  • Rob Linn (1989) "For the benefit of the people : a history of Hindmarsh Adelaide Building Society" (NLA catalogue)
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