Heritage Bank

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Heritage Bank Limited
Toowoomba Permanent Building Society (1875) & Darling Downs Building Society(1897) (Merged in 1981) Rebranded as Heritage Building Society (Changed to Heritage Bank Limited in 2011)
Bank (Mutual)
IndustryBanking, financial services
Founded1875; 144 years ago (1875), as Toowoomba Building Society[1]
Headquarters400 Ruthven St Toowoomba, Queensland, Australia
Key people
Peter Lock (CEO)

Paul Williams (CFO)

Kevin Potter (CCO)

Arjan Bloemer (COO)

Kerry Bebe (CRO)

Margot Dewar (CPO)

Wayne Marchant (CIO)

Darren Stephens (CTO)

Jane Calder (CP&MO)
ProductsBanking: Deposit, Investment, Home & Motor Insurance, Home Loans, Personal Loans, Car Loans, Credit Cards, Business Finance, Commercial Insurance, Business Credit Cards
RevenueIncrease A$403.867 million (2018)[2]
Total assetsIncrease A$10 billion (2019)
Number of employees
800 (approx.)

Heritage Bank Limited is Australia's largest mutual bank. Its head office is located in Toowoomba, Queensland.[3]

The bank has 60 branches in southern Queensland and sells home loans via a network of mortgage brokers in every state and territory in Australia. The bank's customer contact centre is also based in Toowoomba, Queensland and operates 24 hours a day, 7 days a week. In 2019 it was named Bank of the Year in the Roy Morgan Customer Satisfaction Awards.

Heritage Bank Limited is a mutual bank which is owned by its members, not by shareholders. Heritage is also a member of the Customer Owned Banking Association (COBA)[4]


Heritage Building Society was formed in 1981 by the merger of Toowoomba Permanent Building Society (est. 1875) and the Darling Downs Building Society (est. 1897). In 2011 the organisation changed its name to Heritage Bank.[5]

The original Head Office of the Toowoomba Permanent Building Society, located on Russell St, Toowoomba

1875 Toowoomba Permanent Building Society was formed.
1893 Toowoomba Permanent Building Society recorded a record profit.
1897 Darling Downs Building Society launched.
1908 Darling Downs Building Society established agents in western centres as well as Gatton and Laidley.
1914 Darling Downs Building Society became the largest building society in Queensland. Toowoomba Permanent Building Society is the third largest society in the state.
1923 Toowoomba Permanent Building Society replaced Darling Downs Building Society as the largest building society in Queensland.
1934 Toowoomba Permanent Building Society moved its head office from Russell Street to a site at the corner of Russell and Neil Streets, Toowoomba where it remained for 43 years.
1937 Darling Downs Building Society regained the position of largest building society in Queensland
1954 Darling Downs Building Society relocated its head office from Neil Street to Margaret Street, Toowoomba.
1971 Darling Downs Building Society moved its headquarters to Ruthven Street, Toowoomba.
1981 Amalgamation of Toowoomba Permanent Building Society and Darling Downs Building Society to form Heritage Building Society
1983 Head office moved to newly constructed Heritage Plaza at 400 Ruthven Street, Toowoomba.
1995 Assets of Heritage Building Society passed the $1 billion mark.
1999 Heritage opened Queensland's first community branch in Crows Nest, Queensland.
2003 Assets under management of Heritage Building Society passed the $4 billion mark.
2009 Heritage passed the $7 billion mark in assets under management.
2011 Heritage officially changed its name to Heritage Bank.
2019 Heritage Bank passed the $10 billion mark in consolidated assets.


Heritage Plaza Tower is the current Head Office for Heritage Bank

Heritage Bank is currently Headquartered in Heritage Plaza Tower, located at 400 Ruthven St, Toowoomba, Queensland, Australia. Constructed in 1983 Heritage Plaza Tower was the first high-rise office building to grace the skyline of Toowoomba.

The building houses Heritage Bank's various departments and Contact Centre and boasts a Branch on the ground floor. Heritage Plaza Tower is the workplace for approximately 400 Heritage staff.

Products and Services[edit]

Heritage provides Retail, Business and Agribusiness Banking Services as well as Superannuation, General and Commercial Insurance products (through Allianz) and Financial Planning (through Bridges Financial).

Heritage Online (HOL)[edit]

Heritage Bank offers online banking services through Heritage Online. Heritage Online allows customers to transfer funds, manage accounts, access assets and liabilities and also manage savings. Heritage Online is also offered with a mobile app available for iOS and Android. Heritage Online also allows members to initiate transfers through the New Payments Platform (NPP) to a PayiD or Bank Account.

Heritage Bank Charitable Foundation[edit]

In October 2018 Heritage Bank announced that it would launch a registered charity dubbed the Heritage Bank Charitable Foundation. The foundation officially launched on the 27th of June 2019. Heritage Bank donated $2 Million to the Foundation upon its launch.

The Foundation will provides funding grants to not-for profit groups for projects aimed at building and improving community wellbeing and life outcomes for people.[6]

Heritage Notes[edit]

In October 2009, Heritage was the first mutual Authorised Deposit-taking Institution (ADI) to initiate an ASX listed debt transaction. Heritage raised $50 million from the issue of 500,000 subordinated, unsecured debt securities. The demand for Heritage Notes was extremely strong and the transaction was three times oversubscribed.[7][8]

Cards and Payments Innovation[edit]

Digital Wallet[edit]

Heritage Bank offers several Digital Wallet options including; Samsung Pay, Garmin Pay, Fitbit Pay & Google Pay.


In 2017, Heritage was the first financial institution in Australia to launch a payments band for customers. The HOVA is a wrist band with an embedded chip that provides the same functionality as a normal plastic credit or debit card. It allows users to leave their wallet or phone at home and make a purchase simply by “hovering” the device over a contactless payment terminal. The HOVA payment bands were only available for a limited time.

Power suit[edit]

Heritage Bank partnered with M.J. Bale and Visa in 2014 to create a suit with a contactless payment chip and antenna fused into the sleeve, giving men the ability to pay for anything by waving their sleeve over a contactless payment terminal. The contactless payment chip features Visa PayWave technology and is tied to an account issued by Heritage Bank. One of these suits was sold in the M.J. Bale, Westfield Sydney store, and another was sold online via auction with the proceeds going to the charity 4 ASD Kids.

Pre-Paid Cards[edit]

Heritage is the largest issuer of pre-paid cards in Australia, particularly travel cards, working with a number of companies that sell pre-paid cards. Heritage currently supports brands including Australia Post, Optus, Qantas, Travelex, and MasterCard's multi-currency CashPassport.

Sponsorships and Community support[edit]

Heritage sponsors a number of organisations and events in Queensland, including the Queensland Performing Arts Centre, Ekka, Heritage Bank Toowoomba Royal Show, Heritage Bank Sunshine Coast Show, Toowoomba Carnival of Flowers, Ipswich Festival, Triathlon Pink, and Tennis Queensland.[9]

Community Branches[edit]

Heritage currently has seven community branches located in Highfields, Crows Nest, Millmerran, Karalee, Forest Lake, Nanango and Palmwoods.

The community banking model is based on the formation of a community-based company made up of a range of investors from the immediate area where a branch is to be established. Heritage then partners with this company to form a joint venture. Joint venture company directors act in a voluntary capacity. Both Heritage and the company contribute to the set-up costs and share ongoing expenses.

Profits are shared and the company can distribute its share of profits back into the community to support charities, sporting clubs and other local organisations through grant funding.

Calendar House[edit]

Kerry Betros (Heritage Bank Chairman) with Jeremy and Lucy Osborn (owners) with 2015 Calendar House painting of Bunya Park

Every year, Heritage releases a calendar which features a painting of an architecturally and historically important house in Queensland. A brief history of the home is also included on the calendar. The aim is to recognise and celebrate the finest examples of excellence in Queensland’s domestic architecture. The first edition of the calendar was released in 1982.

Photographic awards[edit]

The Heritage Bank Photographic Awards[10] are held annually, with the competition open to Australian residents. No background or experience in photography is required. Entries are accepted in two main categories. The first is the open category where the choice of subject is up to the photographer. The second is the themed category which changes annually and entries are open to the photographer's interpretation of the theme. The Photographic Awards celebrated their 30th year in 2018.

See also[edit]


  1. ^ Heritage Bank - History
  2. ^ https://www.ibisworld.com.au/australian-company-research-reports/financial-insurance-services/heritage-bank-limited-company.html
  3. ^ "About Heritage". Retrieved 2014-12-30
  4. ^ "Heritage Bank About Us".
  5. ^ "History". Retrieved 2010-08-25.
  6. ^ "Learn | Heritage Bank Charitable Foundation". Heritage Bank Charitable Foundation. 8 July 2019. Retrieved 8 July 2019.
  7. ^ "ASX - Announcements released as HBS". Retrieved 2010-08-25.
  8. ^ "Heritage Notes". Retrieved 2010-08-26.
  9. ^ "Sponsorships and Events". Retrieved 2014-12-30.
  10. ^ Heritage Bank Photographic Awards

External links[edit]