MyState Limited

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MyState Limited
Public
Traded as ASXMYS[1]
ISIN AU000000MYS0
Industry Finance
Headquarters Hobart, Tasmania, Australia
Area served
Tasmania & Queensland
Key people
Miles Hampton (Chairman), Melos Sulicich (Managing Director)[1]
Services Deposit banking, insurance, private and commercial lending, wealth management
29.6 million[2]
AUM 1.007 billion (MyState Financial),[3] 931 million (Tasmanian Perpetual Trustees)[4]
Total equity 265 million[5]
Number of employees
400[3]
Subsidiaries MyState Financial, Tasmanian Perpetual Trustees, Rock Building Society

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[edit]

MyState Limited consists of

  • MyState Financial (MyState Bank and the MyState Foundation)
  • Tasmanian Perpetual Trustees
  • Rock Building Society

History[edit]

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.[citation needed]

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.[8]

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.[9] In 2009 MyState Credit Union merged with Tasmanian Perpetual Trustees, demutalising at the same time to list on the ASX.[10]

References[edit]

  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". mystatelimited.com.au. MyState Limited. Retrieved 19 January 2015. 
  5. ^ "Regulatory Capital Reconciliation". 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 demutualisation rejected". Australian Broadcasting Corporation. 30 October 2003. Retrieved 7 December 2014. 
  9. ^ "Credit Unions to merge". Australian Broadcasting Corporation. 10 May 2007. Retrieved 7 December 2014. 
  10. ^ "StateLine - Mergers". Australian Broadcasting Corporation. 20 February 2009. Retrieved 7 December 2014. 

External links[edit]