Positive member vote on merger proposal confirmed

18 November 2022

The merger of Heritage Bank and People’s Choice Credit Union will officially proceed after confirmation today of the results from this week’s member votes on the proposed merger.

With the vote outcome now validated, both organisations achieved well over the 75% “yes” threshold required for the merger proposal to be approved.

With member approvals now secured, work is underway to prepare for the two organisations to come together as a single organisation from 1 March 2023, following final regulatory approvals, with a focus on continuing to meet the needs of members.

Current People’s Choice Chairman Michael Cameron will become the Chairman of the new organisation, with Heritage Chairman Kerry Betros to become Deputy Chairman.

Current Heritage CEO Peter Lock will become the CEO of the new organisation, with People’s Choice CEO Steve Laidlaw to become the Deputy CEO. Mr Lock will retire 18 months after the establishment of the merged organisation, when Mr Laidlaw will be appointed as CEO.

After 1 March 2023, the new organisation will continue to operate under the existing brands of Heritage Bank and People’s Choice for an interim period during the initial integration process. 

After that interim period, the merged organisation will adopt a new name and brand, which will reflect the aspirations of the new organisation as well as the proud legacies of both Heritage and People’s Choice.