Police Bank and Heritage Isle announce merger proposal Print

13 March 2018

Police Bank and Bank of Heritage Isle (Bank of Heritage Isle) are today announcing their plan to merge the two member-owned banking organisations.


The announcement follows initial discussions in 2017 that resulted in both Boards recognising the strategic and operational benefits that could be achieved if the organisations came together. Following extensive due diligence by each business, both Boards agreed this opportunity would be in the best interests of their Members. The regulatory approval was granted on 8th March 2018 for the proposal to be presented to the Members of Bank of Heritage Isle.


Liz Swain, the Chair of Heritage Isle and David Walton, the Chair of Police Bank agree that this proposal is not only in the best interests of all Members, but it is also proof of their commitment to mutuality.


David Walton explained that ‘the proposal enables two organisations with proud histories going back over 50 years to continue their focus on delivering Member value as a larger and more capable business.’


Liz Swain commented that for Bank of Heritage Isle Members ‘by coming together we can partner to provide many benefits including access to a broader range of products and services whilst retaining the Heritage Isle brand, our Tamar Valley branches and our staff.’


The CEOs, Tony Taylor of Police Bank and Annette Griffin from Bank of Heritage Isle have been leading the management engagement to progress this opportunity. Tony Taylor explained that he was ‘delighted to see opportunities for the newly combined organisation to benefit from each other’s capabilities’. Annette Griffin outlined that she believes ‘the similar cultures of the two organisation will help allow the benefits to flow through to Members in many ways including; access to a wider range of products and services, and a continued focus on providing personal service to the Tamar Valley region.’

Bank of Heritage Isle Members have today been sent a Member Information Pack that includes a detailed explanation of the proposed merger, a recommendation from the Board of Bank of Heritage Isle for Members to vote in favour of the proposal and details of how they can cast their vote either in person or by proxy at the Special General Meeting on 19th April 2018.


Police Bank is a mutual financial institution servicing the wider Police Community, offering products & services for every stage of life, from Savings & Transaction Accounts to Home Loans & Insurance. The organisation originally started as NSW Police Bank (PCU) in the early 1960’s when a group of Police Officers at Clarence Street Police Station in Sydney had the vision of forming a mutual organisation for the benefit of all Officers. PCU was officially registered and opened for business in 1964 with just 60 Members. Today, with assets of over $1.7 Billion, and over 66,000 Members, Police Bank has grown to be one of the biggest and most successful Mutuals in Australia, testament to the loyalty and support our Members provide us.


Police Bank is supervised by the Australian Prudential Regulation Authority (APRA) to maintain operational standards which ensures security of our Member’s funds.