The Co-operative Bank (New Zealand)
|Industry||Banking,financial and saving services|
|Headquarters||Cnr Featherston & Ballance Streets,
|Number of locations||33|
|Area served||New Zealand|
|Key people||Bruce McLachlan (CEO),
Steven Fyfe (Chairman)
|Services||Investments, Loans, Insurance, Bank Accounts|
|Owner(s)||customers (120,000 in 2012)|
The Co-operative Bank is a New Zealand based registered bank that provides everyday banking, deposits, savings, loans, insurance and small business banking throughout the country.
Originally set up in 1928 as PSIS, The Co-operative Bank became a registered bank in October 2011.
The Bank has 33 branches throughout the country and employs 300 staff. There are around 128,000 customers of the Bank from all over New Zealand.
As a co-operative the Bank is owned by its customers and its main purpose is to create prosperity for these customers.
The Co-operative Bank is the only bank in New Zealand to share its profits with its customers in the form of rebates.
In July 2013, The Co-operative Bank paid $1 million of surplus profit back to 80% of its customers. In most cases, customers received a rebate of between $5 and $100.
- 1928: founded as the Public Service Investment Society, lending money to public servants when others were reluctant to do so.
- 1979 June 28: Placed in statutory management 
- 1987 Oct: statutory management ended 
- 1993: Registered under Companies Act 1993
- 1996: Registered under Co-operative Companies Act 1996
- 1998: The name was abbreviated to PSIS
- 2002: CEO John Price resigns 
- 2003: Dr Girol Karacaoglu appointed CEO 
- 2006 May: Total assets surpassed NZ$ 1 billion 
- 2011 June: PSIS announces dividend will be paid 
- 2011 October: Change of name to The Co-operative Bank and registration as a bank by the RBNZ.
- 2012 January: Dr Girol Karacaoglu resigns.
- 2012 January: Sir David Gascoine (Chairman) retired.
- 2012 April: Steven Fyfe appointed Chairman.
- 2012 June: Bruce McLachlan appointed CEO.
- Cooperative Business New Zealand (Inc)
- New Zealand Financial Services Federation (Inc)
- New Zealand Savings Institutions Association
- "New Zealand's newest registered bank unveiled". The New Zealand Herald. 26 October 2011. Retrieved 26 October 2011.
- Boyce, Gordon (2005). Over Half a Million Careful Owners: A 75-Year History of PSIS. Wellington, New Zealand: Dunmore Publishing.
- "Lessons of the past". The Sunday Star-Times. 27 December 2008. Retrieved 19 November 2011.
- "PSIS chief resigns". The New Zealand Herald. 27 November 2002. Retrieved 19 November 2011.
- "PSIS names chief executive". The New Zealand Herald. 14 March 2003. Retrieved 19 November 2011.
- Bennett, Adam (21 June 2006). "PSIS sees assets break through $1b barrier". The New Zealand Herald. Retrieved 19 November 2011.
- Weir, James (23 June 2011). "PSIS plans modest 'cherry on top' dividend for members". Stuff.co.nz. Retrieved 19 November 2011.