Heritage Bank

Heritage Bank Limited is Australia's second-largest mutual bank. Its head office is in Toowoomba, Queensland.[4]

Heritage Bank Limited
FormerlyToowoomba Permanent Building Society (1875) & Darling Downs Building Society(1897) (Merged in 1981) Rebranded as Heritage Building Society (Changed to Heritage Bank Limited in 2011)
TypeBank (Mutual)
IndustryBanking, financial services
Founded1875 as Toowoomba Building Society[1]
HeadquartersToowoomba, Queensland, Australia
Key people
Peter Lock (CEO)
ProductsBanking: Deposit, investment, home and motor insurance, home loans, personal loans, car loans, credit cards, business finance, commercial insurance, business credit cards
RevenueIncrease A$404 million (2018)[2]
Total assets$12.2 billion (2022)
Members330,000 (2022)
Number of employees
900 (2022) [3]

The bank has over 62 branches and mini-branches[3] in southern Queensland and New South Wales 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.

Heritage Bank Limited is a mutual bank which is owned by its members, not by shareholders. Heritage is also a member of the Customer Owned Banking Association (COBA).[5]


The Toowoomba Permanent Building Society was formed in 1875 and 1893 recorded a record profit. In 1897 Darling Downs Building Society launched and by 1914 had become the largest building society in Queensland. Over the next 20 years, the two building societies continued to grow and alternated as the largest building society in Queensland.

In 1934, Toowoomba Permanent Building Society moved its head office from Russell Street to a site at the corner of Russell and Neil Streets, Toowoomba where it remained for 43 years. Darling Downs Building Society's head office was located nearby Margaret Street, Toowoomba (1954) before moving to Ruthven Street, Toowoomba in 1971.

In 1981, Toowoomba Permanent Building Society and Darling Downs Building Society merged to form the Heritage Building Society, and in 1983 the head office moved to the newly constructed Heritage Plaza at 400 Ruthven Street, Toowoomba where it still sits today. Assets of the Heritage Building Society passed the $1 billion mark in 1995, the $4 billion mark in 2003, the $7 billion mark in 2009, and exceeded the $10 billion mark in 2019.

The first community branch for Heritage opened in Crows Nest in 1999, with a further six branches opening over the coming years.

In 2011, the organisation changed its name to Heritage Bank.[6]

The original Head Office of the Toowoomba Permanent Building Society, located on Russell St, Toowoomba

In 2018, it was announced that Heritage would expand its branch operations outside of Queensland for the first time, and in October 2019 the first branch opened in Castle Hill, New South Wales. As a part of this expansion, the Heritage Bank logo was also updated to remove the stylised "gates" that were a part of the original logo.[7]

In August 2021, Heritage Bank entered discussions with People's Choice Credit Union about a potential merger,[8] and in April 2022 both companies announced that they planned to merge, subject to a vote of the membership.[3] Members gave their approval on 16 November 2022.[9]

The new combined organisation will adopt the legal name of Heritage and People's Choice Ltd and operate under the banking licence currently held by People's Choice Credit Union.[10]


Heritage Plaza Tower is the current Head Office for Heritage Bank

Heritage Plaza Tower, built in 1983 at 400 Ruthven Street, Toowoomba, was the first high-rise office building in Toowoomba.[citation needed]

The building houses Heritage Bank's various departments and contact centre and has a branch on the ground floor. Heritage Plaza Tower is the workplace for approximately 400 Heritage staff.

Products and servicesEdit

Heritage provides retail, business, and agribusiness banking services as well as superannuation, general and commercial insurance products (through Allianz) and financial planning (through Bridges Financial Services).

Branch networkEdit

Heritage services its members through a variety of channels. One of the largest being its branch network, the Bank currently has over 50 locations in Queensland and New South Wales.

Heritage notesEdit

In October 2009, Heritage was the first mutually 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. Heritage Notes are no longer available for sale. [11]

Heritage Online (HOL)Edit

Heritage Bank offers online banking services through Heritage Online. Heritage Online lets customers transfer funds, manage accounts, access assets and liabilities, and manage savings. Heritage Online is also offered with a mobile app.

Contact centreEdit

Heritage's Contact Centre is based in Toowoomba, Queensland and in 2018 commenced operating 24 hours a day, 7 days a week.

Cards and paymentsEdit

Digital walletEdit

Heritage Bank offers several digital wallet options including; Samsung Pay, Garmin Pay, Fitbit Pay, Google Pay and Apple Pay.

Pre-paid cardsEdit

Heritage is the largest issuer of prepaid cards in Australia, particularly travel cards, working with several companies that sell pre-paid cards. Heritage currently supports brands including Australia Post, Optus, Qantas, Travelex, Afterpay and MasterCard's multi-currency CashPassport.

Heritage Bank Charitable FoundationEdit

In June 2019 Heritage Bank launched a registered charity dubbed the Heritage Bank Charitable Foundation with an initial $2 million contribution. The foundation provides funding grants to not-for-profit groups for projects aimed at building and improving community well-being and life outcomes for people.[12]

Sponsorships and community supportEdit

Heritage sponsors many organisations and events in Queensland, including the Heritage Bank Toowoomba Royal Show and Toowoomba Carnival of Flowers. In 2020, Heritage Bank became a sponsor of the leading food rescue organisation Ozharvest.[13][14]

Community branchesEdit

Heritage currently has seven 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.[citation needed]

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.[citation needed]

Calendar HouseEdit

Kerry Betros (Heritage Bank Chairman) with Jeremy and Lucy Osborn (members) 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 awardsEdit

The Heritage Bank Photographic Awards[15] 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.

See alsoEdit


  1. ^ Heritage Bank - History
  2. ^ "Heritage Bank Limited". Archived from the original on 12 April 2019. Retrieved 18 February 2019.
  3. ^ a b c "Heritage Bank and People's Choice proceed with merger plans".
  4. ^ "About Heritage". Retrieved 2014-12-30
  5. ^ "Heritage Bank About Us".
  6. ^ "History". Retrieved 2010-08-25.
  7. ^ "Heritage Bank reveals first look at updated logo".
  8. ^ Heritage Bank and People's Choice to explore merger opportunity Heritage Bank 18 August 2021
  9. ^ https://www.peopleschoice.com.au/media-centre/2022/members-approve-merger-of-heritage-and-peoples-choice
  10. ^ https://www.heritage.com.au/about/merger/faqs
  11. ^ "ASX - Announcements released as HBS". Retrieved 2010-08-25.
  12. ^ "Learn". Heritage Bank Charitable Foundation. Toowoomba Qld. Retrieved 5 March 2020.
  13. ^ "OzHarvest". Retrieved 2021-01-15.
  14. ^ "Sponsorships and Events". Retrieved 2014-12-30.
  15. ^ Heritage Bank Photographic Awards