Police Bank and Heritage Isle announce merger proposal
Tuesday 13 March 2018
Police Bank and Heritage Isle Credit Union (HICU) 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 HICU.
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 HICU 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 HICU 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.’
HICU Members have today been sent a Member Information Pack that includes a detailed explanation of the proposed merger, a recommendation from the Board of HICU 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.