Summerland Bank merger in sights

SUMMERLAND Bank has taken a significant step toward merging with Regional Australia Bank, following recent approval from the Australian Prudential Regulation Authority (APRA).

The final decision now rests with Summerland’s customers, who will vote on the proposed merger at the bank’s Annual General Meeting, to be held at the Lismore Workers Club on November 19.

If approved, the merger will take effect on July 1, 2026.

Until that date, both customer-owned banks will continue to operate under their existing brands and maintain their current presence in their respective communities.

The merger proposal was first announced in October, with both banks expressing a shared vision to strengthen their capabilities by investing in infrastructure, regulatory compliance, cybersecurity, digital innovation, and an expanded range of products and services. A key commitment of the merger is to protect and enhance face-to-face banking services in regional communities.

Founded in 1964 as Summerland Credit Union, Summerland Bank operates across the Northern Rivers region, with branches in Ballina, Bangalow, Casino, Kingscliff, Nimbin and Lismore.

Regional Australia Bank traces its roots to 1969, when it was established as the New England Staff Credit Union at the University of New England in Armidale. It adopted its current name in 2016.

With no overlap in branch locations, no closures are expected. Upon completion of the merger, the combined entity will operate 49 branches across regional New South Wales and southern Queensland.

Under the proposed structure, current Regional Australia Bank CEO David Heine will lead the merged organisation. Summerland Bank CEO John Williams will take on the role of Deputy CEO (Strategy).