Heartland Bank

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Heartland Bank Limited
Type cooperative
Traded as NZX: HNZ
Industry Financial Services
Founded January 5, 2011 (2011-January-05)
Headquarters Christchurch, New Zealand
Area served New Zealand
Products banking
financial services
Total assets $2.34 billion
Employees more than 350 (2012)[1]
Website http://www.heartland.co.nz/

Heartland Bank (formerly Heartland Building Society) is a New Zealand based bank that was created in 2011 through the merger of four financial organisations to obtain national coverage and obtained its banking license in 2012.[2][3][4][5] It provides retail banking services, lending, livestock and seasonal financing, home and vehicle loans and insurance services, and has a strong focus on the rural farming sector.

Heartland Building Society became a registered bank on December 17, 2012 but its component parts had a long history in New Zealand with roots stretching back to 1875.


In 1875, the Ashburton Permanent Building & Investment Society was established, which subsequently merged with SMC Building Society and Loan & Building Society.[6] Together they became CBS Canterbury.

Southern Cross Building Society opened in Auckland in 1923, it offered a similar range of financial services to its customers throughout the North Island.

In 1952, MARAC finance was established lending money to business to purchase commercial vehicles as the North Shore Rental Van Company. Over the next 55 years it grew to provide financing, lending and insurance services to businesses and individuals.

PGG Wrightson Finance (PWF) were established over more than 75 years, by leading stock and station companies, Williams & Kettle, Wrightson, Pyne Gould Guinness, and Reid Farmers which became PGG Wrightson. PWF provided financial services to its farming and rural clients.

On 5 January 2011, CBS Canterbury, Southern Cross Building Society and MARAC Finance Limited combined to become one organisation. On 31 August 2011, the Group acquired PGG Wrightson Finance.

Heartland was created from the merger of CBS Canterbury (Canterbury Building Society), Southern Cross, MARAC and PGG Wrightson Finance.[7] The rational for the merger was to create financial institution that had national coverage and enough assets and resources to get a full banking license.

On December 12, 2012, the Reserve Bank of New Zealand announced that Heartland Building Society has been registered as a bank and the organisation changed its name to Heartland Bank. In May 2013 ratings agency, Standard & Poor's[8] placed Heartland Bank, together with seven other small New Zealand financial institutions on a credit rating downgrade watch, citing potential risks from overexposure to New Zealand's highly inflated housing market.


Heartland Bank's Head Office is located in the Auckland suburb of Newmarket and the bank has over 15 branches located throughout New Zealand.


  1. ^ "Our People". Retrieved September 28, 2012. 
  2. ^ "Reserve Bank confirms banking registration for building society Heartland NZ". interest.co.nz. December 17, 2012. 
  3. ^ "Court approves 'heartland bank' merger". stuff.co.nz. December 16, 2010. 
  4. ^ "Heartland yet to consider finance arm". September 24, 2012. 
  5. ^ "Heartland NZ sees funding cost premium halve". interest.co.nz. August 29, 2012. 
  6. ^ "Canterbury Building Society to merge with Loan and Building". The New Zealand Herald. October 11, 2007. 
  7. ^ "Heartland bank gets final thumbs up from depositors". scoop. December 10, 2010. 
  8. ^ "Small banks put on notice". Otago Daily Times. May 17, 2013. 

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