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Summerland Merger Members Updates
We are excited to announce our shared intent to merge with Summerland Bank by 2026
Summerland Bank and Regional Australia Bank are pleased to announce their intent to merge and are now moving towards undergoing due diligence to investigate the merger’s feasibility and benefits.
The combined long-standing customer owned banks would expand market share and presence across Australia’s regional populations and unify their common goal to build strong communities through a member owned banking model.
Members Notice
Dear Members,
As we strive to fulfill our purpose of becoming the trusted bank for all regional Australians, we are pleased to announce that Regional Australia Bank and Summerland Bank have entered discussions regarding a proposed merger.
This partnership of established, financially sound customer-owned banks will strengthen our market presence and improve our service to regional communities across Australia, uniting our common mission to empower communities through a member-owned banking model.
Our commitment to investing back into our regions, responsibly and sustainably, remains unwavering. We continuously seek ways to empower all regional Australians through our customer-owned banking services.
This potential merger represents an exciting opportunity to unite two established member-owned banking organisations dedicated to serving regional Australia. The combined entity is projected to have an asset size exceeding $4.8 billion, allowing us to provide long term, sustainable benefits—both financial and non-financial—to our members.
Key Information:
- Merger Purpose: This merger aims to maximise opportunities for our combined members; both institutions are in a strong position.
- Branch Operations: No branch closures are planned, as there is no overlap in locations, and there will be no forced redundancies.
- Strategic Focus: The combined organisation will prioritise preserving and enhancing face-to-face retail banking services in regional communities.
- Member Vote: Should this merger progress, a member vote will be required to proceed. Both memberships will participate in a general meeting planned for late 2025, with the legal merger scheduled for July 1, 2026.
We are excited about the future and the opportunities this merger will bring to all our members. For any questions or further information, please refer to the FAQ listed below.
Thank you for your continued support.
Official Press Release
Customer owned banks plan to come together to redefine the landscape of localised banking in regional Australia
16 October 2024
– Summerland Bank and Regional Australia Bank are pleased to announce their intent to merge and are now moving towards undergoing due diligence to investigate the merger’s feasibility and benefits.
The combined long-standing customer owned banks would expand market share and presence across Australia’s regional populations and unify their common goal to build strong communities through a member owned banking model.
Following a milestone year in Summerland Bank’s 60-year history, including its transition from a credit union to a customer owned bank, a rebrand, the rebuilding of its Lismore head office and flagship branch after the 2022 floods, obtaining B Corporation Certification, and two years of significant loan growth and record profits, an intent to merge with an equally community-focused bank is the next step to preserve and accelerate its purpose to offer a braver kind of bank.
John Williams, Summerland Bank CEO says; “With our members and local communities at the forefront of our decision making, we proactively initiated discussions with Regional Australia Bank who operate on the same values of reciprocity, responsibility, community and sustainability as Summerland Bank. This potential merger presents exciting opportunities for our members as we could expand our market share and increase our pricing efficiency and competitiveness.
Together, we will have an increased ability to invest in infrastructure, compliance, security as well as new digital capabilities, products and services. A merger with Regional Australia Bank allows us to better serve our mission of supporting our members to realise their potential.”
Should the merger proceed, the combined entities would manage assets of $4.8bn and a total of 130,000 members and will immediately be focussed on providing benefits to existing members of both banks. Regional Australia Bank earlier this year expanded by finalising a merger with Macquarie Credit Union, effectively growing its impact across regional Australia, empowering individuals and businesses to grow and thrive in these regions.
David Heine, Regional Australia Bank Chief Executive Officer says; “As we strive to fulfil our purpose of becoming the trusted bank for all regional Australians, we are pleased to begin merger discussions with Summerland Bank. Our commitment to investing back into our regions, responsibly and sustainably, remains unwavering. The team at Summerland Bank provide a shining example of regional community service. Our shared values and ambitions are sharpened through the union of two like-minded mutuals. This merger confirms our intent to empower all regional Australians through our customer-owned banking services.”
Both Summerland Bank and Regional Australia Bank are unique in their focus on in-branch and face-to-face banking, continuing to open new branches alongside increased digital integration and innovation. The merger will see an expanded network of branches, with no branch closures for the benefit of its members.
“Part of Summerland Bank’s legacy is that we have been owned and operated by locals for 60 years, and this merger will ensure continued roles for all our local team working across our branches, call centre and Lismore head office. In fact, we are proud to now offer new career paths and opportunities to our team members as a result. This was a critical consideration for us in choosing a partner and, with Regional Australia Bank’s steadfast commitment to its people, we believe the future is bright for our talented and passionate team,” adds John Williams.
It is proposed that the merged organisation will continue to operate under both Regional Australia Bank and Summerland Bank brands in their respective locations until after the proposed merger date in mid-2026. Both brands will continue to operate separately until a decision is made about future branding, ensuring a smooth transition and continued focus on member benefits.
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About Summerland Bank
In 1964 the people of the Northern Rivers community were looking for a more flexible, approachable and responsible banking alternative. Out of this desire, Summerland Credit Union was born. Fast forward to today and Summerland Bank is still owned by its customers and run by people who live in these communities. They are still offering more of what their customers want and living its mission to support people to realise their potential. Summerland Bank sees the future of banking returned to communities, as something that can be co-created with its customers — providing high quality customer service with all the bells and whistles of a modern bank. Summerland Bank employs over 120 individuals from the local community across its Lismore head office and 10 branches across the region. Summerland Bank is a proudly certified B Corporation joining thousands of businesses from around the world transforming the global economy to benefit all people, communities, and the planet.
About Regional Australia Bank
Regional Australia Bank lives and breathes the regional Australia spirit. They play an active and influential role in our communities, and empower the people and businesses of regional Australia to achieve great things. Currently operating 37 branches across regional NSW, including the New England North West, Central West, Mid North Coast and Greater Newcastle regions – each of them staffed by local people who are committed to helping you succeed. Regional Australia Bank offices and call centres are local, all based in regional NSW. With head offices in Armidale and Port Macquarie, and multiple regional call centres reaching Coffs Harbour, Tamworth and Dubbo, they have proudly created more than 300 jobs for people from regional NSW.
How will this merger benefit me as a member?
The merger aims to strengthens both mutual institutions, ensuring a long-term commitment to prioritising member interests and community impact. Importantly, there will be no branch closures; instead, we will extend our branch network to better serve you.
Is a member vote necessary?
Yes, a member vote is necessary. Both memberships will participate in a general meeting targeted for late 2025.
What are the key dates and timelines for the merger?
Member votes are scheduled for late 2025, and the legal merger is set for 1 July 2026.
What does a regionally focused bank mean for my services?
Creating a regionally focused bank allows us to tailor our services to meet the specific financial needs of our members. This means you can expect more personalised service and products designed for our local community.
What does due diligence mean?
Due diligence is a process where a comprehensive investigation is done by parties on each other to ensure both parties understand each other and is fully aware of any risks. In the case of Summerland Bank and Regional Australia Bank, we will spend time reviewing and understanding each other’s processes, business model, risks and performance to confirm the intention to merge with the other party.
What is the strategy of the combined organisation?
The strategy is to preserve and extend face-to-face retail banking services across regional communities.
When will the merger be effective?
Should this merger be successful, the legal merge will not come into effect until 2026.
Who can I talk to if I want to find out more information?
If you have any questions or concerns, please reach out to our customer service team or visit our website for updates. Your feedback is invaluable as we move forward together.
Who is Summerland?
Founded in 1964, Summerland operates as a Mutual Bank in regional Australia. Summerland have network of 10 branches across the Northern Rivers NSW and South East Queensland. Employing over 100 regional Australians, Summerland take pride in being a major local employer. The team is passionate about serving the community and ensuring that their financial services align with the values of the people they serve.
Who will be the CEO?
The CEO of the combined institution will be David Heine, the current CEO of Regional Australia Bank. John Williams, the current CEO of Summerland will be the Deputy CEO (Strategy). Michellie Edmonds will retain the role of Deputy CEO (Customers).
Why Choose Summerland?
We share a common foundation rooted in mutual values and a commitment to serving regional Australia. As mutual banks, we prioritise our members over profit, ensuring that our focus remains on community needs and sustainable growth.
Why should we merge?
By joining forces, we can enhance our collective ability to provide tailored financial solutions that align with the aspirations of regional Australians. This partnership will not only strengthen our presence but also deepen our commitment to the communities we serve, allowing us to empower even more individuals and families across our regions.
Will my accounts and services change during the merger?
Your existing accounts and services will remain intact throughout the merger process. You will continue to enjoy the same high level of service you’ve come to expect. Any changes will be communicated well in advance to ensure a smooth transition.
Will the merger affect the staff I currently work with?
We want to reassure you that our employees will experience job security, career development opportunities, and geographic flexibility. This stability among staff will ultimately lead to better service for our members.
Will there be branch closures?
No, there are no branch closures planned, as there is no overlap between branches.
Will we still be Regional Australia Bank?
Yes, our name is important to us. We will still be Regional Australia Bank. The brands will continue, but there will be future work to explore options for brand consolidation.