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MyState Limited

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MyState Limited
Company typePublic
ASX: MYS[1]
ISINAU000000MYS0
IndustryFinance
Headquarters
Hobart, Tasmania
,
Australia
Area served
Tasmania & Queensland
Key people
Miles Hampton (Chairman), Brett Morgan (Managing Director)[1]
ServicesDeposit banking, insurance, private and commercial lending, wealth management
29.6 million[2]
AUM1.007 billion (MyState Financial),[3] 931 million (Tasmanian Perpetual Trustees)[4]
Total assets6542.5 million
Total equity265 million[5]
Number of employees
400[3]
SubsidiariesMyState Bank, Tasmanian Perpetual Trustees

MyState Limited is an Australian financial group, headquartered in Hobart, Tasmania. It formed in 2009 following the merger of the Tasmanian Perpetual Trustees and MyState Financial. In 2011 it further purchased the Queensland-based Rock Building Society for $68.3 million AUD.[6] In October 2014, its largest section, MyState Financial received authorisation from the Australian Prudential Regulation Authority to rename itself to MyState Bank.[7]

Companies

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MyState Limited consists of

  • MyState Bank (including The Rock – A division of MyState Bank, and the MyState Foundation)
  • Tasmanian Perpetual Trustees

History

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MyState was founded as a Credit Union in Tasmania, Australia under the name Connect Credit Union, which was created from the merging of two credit unions, the Teachers, Police and Nurses Credit Union and Savings & Loans (Credit Union Cooperartive).[8]

Connect Credit Union attempted to demutualise in 2003 but failed when just 13,000 of its members voted, unable to reach a quorum of 75% of members voting.[9]

In 2007 the members of Tasmania's two largest credit unions agreed to a merger, creating MyState Credit Union out of Island State Credit Union and Connect Credit Union.[10] In 2009 MyState Credit Union merged with Tasmanian Perpetual Trustees, demutualising at the same time to list on the ASX.[11]

MyState Bank branch at Stockland Rockhampton in August 2020

In 2011, MyState purchased The Rock Building Society which had been established in the Central Queensland city of Rockhampton in 1967.[12] Following the merger, MyState closed multiple branches of The Rock throughout the region including in Emerald, Biloela, Mount Morgan, Moura, Emu Park and Baralaba.[13][14]

Despite the new ownership, The Rock Building Society retained its original name until its branches were rebranded in 2018 to MyState Bank.[12] The Rock's regional executive manager Peter Fraser assured customers that despite the name change there would be no negatives associated with the rebrand such as branch closures or staff losses.[12]

However, less than two years later, MyState announced all remaining Central Queensland branches of MyState Bank would close, with 26 staff in Rockhampton, Gladstone and Yeppoon losing their jobs.[13] MyState bank claimed the decision was made due to the declining number of customers who visited branches in person, as well as the decrease in the use of cash during the COVID-19 pandemic.[13]

The decision drew strong criticism from Rockhampton Regional Council mayor, Margaret Strelow who said she was "disgusted" by the decision and that she and her husband would be withdrawing their money from MyState Bank in protest.[13] Strelow said it was "a timely reminder of the arrogance which we are treated when our businesses are taken over by large entities".[13]

In August 2024 it was announced that MyState had saught to merge with Auswide Bank, another Queensland based regional bank similar to The Rock Building Society[15]

See also

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References

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  1. ^ a b "Company info: MYSTATE LIMITED (MYS)". asx.com.au. ASX. Retrieved 7 December 2014.
  2. ^ "Boss of new Tas bank MyState disappointed by latest results". Australian Broadcasting Corporation. 16 October 2014. Retrieved 7 December 2014.
  3. ^ a b "MyState posts 3.9% rise in profit to $29.6 million, increases dividend to 14.5c a share". The Mercury. 22 August 2014. Retrieved 7 December 2014.
  4. ^ "Performance Highlights 2011 - 2012" (PDF). mystatelimited.com.au. MyState Limited. Retrieved 19 January 2015.
  5. ^ "Regulatory Capital Reconciliation" (PDF). mystatelimited.com.au. MyState Limited. Retrieved 19 January 2015.
  6. ^ "Tasmania's MyState snaps up Rock Building Society". Sydney Morning Herald. 31 August 2011. Retrieved 7 December 2014.
  7. ^ "MyState Financial becoming MyState Bank". The Advocate. 6 October 2014. Retrieved 7 December 2014.
  8. ^ "Connect Credit Union". www.theaufinance.com. Retrieved 12 April 2017.
  9. ^ "Connect Credit Union demutualisation rejected". Australian Broadcasting Corporation. 30 October 2003. Retrieved 7 December 2014.
  10. ^ "Credit Unions to merge". Australian Broadcasting Corporation. 10 May 2007. Retrieved 7 December 2014.
  11. ^ "StateLine - Mergers". Australian Broadcasting Corporation. 20 February 2009. Retrieved 7 December 2014.
  12. ^ a b c (13 November 2018) The Rock set to get stronger with new name, The Morning Bulletin. Retrieved 9 September 2020.
  13. ^ a b c d e Jarrett, Vanessa (7 August 2020) Bank's shock plan to close four CQ branches, cut jobs, The Morning Bulletin. Retrieved 9 September 2020.
  14. ^ Shannon, Louise (25 August 2017) Bank closures outrage, Central Queensland News. Retrieved 9 September 2020.
  15. ^ https://www.bankingday.com/mystate-auswide-do-the-decent-thing-in-dire-times [bare URL]
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