People's Choice Credit Union
{{Short description|Australian credit union}}
{{Use dmy dates|date=July 2020}}
{{Infobox company
| name = People’s Choice
| logo = The_new_People%27s_Choice_logo_released_in_2021.png
| logo_size = 200px
| trading_name = People's Choice{{Cite web |date=2021-07-15 |title=Current details for ABN 11 087 651 125 |url=https://www.abr.business.gov.au/ABN/View/11087651125 |access-date=2022-11-23 |website=Australian Business Register}}
| type = Credit union
| industry = Financial services
| hq_location = Flinders Street, Adelaide, South Australia
| area_served = {{ubl|South Australia|Northern Territory|Victoria}}
| key_people = Michael Cameron, Chairman{{Cite web | url=https://www.peopleschoicecu.com.au/about-us/news-centre/2019/new-chairman-to-support-investment-2019/ |title = New Chairman to support investment in member needs}}
Steve Laidlaw, Chief Executive Officer{{Cite web | url=https://www.peopleschoicecu.com.au/about-us/news-centre/2015/steve-laidlaw-appointed-peoples-choice-ceo/ |title = Steve Laidlaw appointed People's Choice CEO - People's Choice Credit Union}}
| products = {{ubl|Retail banking|Investments|Insurance|Financial planning}}
| assets = A$10.3 billion (2022)
| members = 390,000 (2022)
| num_employees = Approx. 900{{Cite web|url=https://www.peopleschoice.com.au/media-centre/2022/heritage-bank-and-peoples-choice-proceed-with-merger-plans|title=Heritage Bank and People's Choice proceed with merger plans}} (2022)
| homepage = [https://peopleschoice.com.au/ peopleschoice.com.au/]
}}
Heritage and People’s Choice Limited, trading as People's Choice,{{Cite web |author-link=Australian Government |date=2021-07-15 |title=Current details for ABN 11 087 651 125 |url=https://www.abr.business.gov.au/ABN/View/11087651125 |access-date=2022-11-23 |website=Australian Business Register}} is an Australian credit union based in Adelaide, South Australia. It is one of Australia's largest credit unions, with branches located in South Australia, Northern Territory and Victoria, offering loans, credit cards, transaction and savings accounts, mortgages and insurance.{{Cite web |date=2018 |editor-last=Twining |editor-first=Brendan |title=Mutuals Industry Review 2018 |url=https://home.kpmg.com/content/dam/kpmg/au/pdf/2018/mutuals-industry-review-2018-data.pdf }}
History
People's Choice traces its origins to 1949{{cite web|title=Our story|url=https://digitalbranch.peopleschoicecu.com.au/about-us/our-story/|website=People's Choice Credit Union|accessdate=27 October 2014}} and since then has evolved through a number of mergers including with the Northern Territory Credit Union.
In August 2009, Australian Central Credit Union and Savings & Loans{{cite news|url=https://www.bloomberg.com/apps/news?pid=20601081&sid=aNoj0G8rKJCE|title=Savings & Loans, Australian Central Credit Union Plan to Merge |last= McDonald|first=Sarah|date=13 August 2009|work=Bloomberg|accessdate=16 November 2009}}{{cite news|url=http://www.abc.net.au/news/business/2002/02/item20020216120728_1.htm|title= Merger brings $7.2m profit for Australian Central Credit Union|date= 18 February 2002 |work=ABC News|accessdate=16 November 2009}} announced plans for a merger which was completed in December 2009. Savings and Loans Credit Union commenced in 1949 as the South Australian Public Service Savings and Loans Society. By the time of the merger with Australian Central Credit Union, Savings and Loans had merged with a number of smaller credit unions. Including, SAGASCO Employees' CU, Warwick Co-Operative CU and the SAATB CU. In 1992 regulations under the Credit Union Act required that the words "credit union" were present in the official title, a number of options including Premier, capital and Horizon were discussed, at a Special General Meeting in 1994 the name Savings and Loans Credit Union (SA) Ltd was approved. In 2005 Savings and Loans merged with the NSW NRMA Employees' Credit Union, and in 2008 Austral Credit Union merged with Savings and Loans Credit Union.{{cite web | url=https://mymutualhistory.com.au/find-a-mutual/registers-of-mutuals/mutuals-s/savings-and-loans-credit-union-sa-limited-1949-2009/ | title=Welcome to Australian Mutuals History }}
Members then voted to change the name of the new organisation to People's Choice Credit Union{{cite web|url=https://www.peopleschoicecu.com.au/about-us/news-centre/2011/members-approve-peoples-choice-credit-union/|title=People's Choice Credit Union - Members approve People's Choice Credit Union|website=People's Choice Credit Union |date=27 June 2011|accessdate=27 December 2017}} which was adopted on 18 July 2011.{{cite web|url=http://www.peopleschoicecu.com.au/newsdetail/71/launch-of-peoples-choice-credit-union.aspx |title=People's Choice Credit Union - Launch of People's Choice Credit Union |website=People's Choice Credit Union |date=2011-07-18 |accessdate=2012-06-06}}
In November 2014, People's Choice Credit Union acquired TIO's banking division from the Northern Territory Government, transferring accounts and deposits of approximately 8,000 customers to People's Choice.{{Cite web |last=Evans |first=Richard |date=2014-11-25 |title=People's Choice Credit Union buys NT's TIO bank |url=https://www.adelaidenow.com.au/business/sa-business-journal/peoples-choice-credit-union-buys-nts-tio-bank/news-story/6a4bb0354ed3827f03b3e6ccefc781e2 |access-date=2022-11-23 |website=The Advertiser |publisher=News Corp Australia}}
In August 2021, People's Choice Credit Union entered into discussions with Heritage Bank about a potential merger,{{Cite web|url=https://www.heritage.com.au/about/news/2021/20210818-heritage-and-peoples-choice-merger-opportunity |title=Heritage Bank and People's Choice to explore merger opportunity|website=Heritage Bank|date=2021-08-18}} and in April 2022 both companies announced that they planned to merge. Members gave their approval on 16 November 2022.{{cite web |url=https://www.peopleschoice.com.au/media-centre/2022/members-approve-merger-of-heritage-and-peoples-choice |title=Members approve merger of Heritage and People's Choice to create positive new force in Australian banking sector
|website=People's Choice Credit Union |date=2022-11-16 |accessdate=2022-11-18}}
The new combined organisation was named Heritage and People's Choice Ltd and operates under the banking licence held by People's Choice Credit Union.{{cite web | url=https://www.heritage.com.au/about/merger/faqs | title=Merger FAQs }} The merged organisation will remain member-owned and will continue to operate under the People’s Choice and Heritage brands for an interim period, before adopting a single new brand in 2024.{{Cite web |last=Martin |first=Mina |date=2023-03-03 |title=Heritage Bank and People's Choice Credit Union officially merge |url=https://www.mpamag.com/au/news/general/heritage-bank-and-peoples-choice-credit-union-officially-merge/438166 |website=Mortgage Professional Australia}}
Announced in November 2023, the new bank is called People First Bank.{{cite web | url=https://www.peopleschoice.com.au/media-centre/2023/introducing-people-first-bank | title=Introducing… People First Bank }}
Structure and regulation
Heritage and People’s Choice Limited is a mutual organisation, a member-owned structure where its customers are also shareholders.{{Cite web|url=http://www.customerownedbanking.asn.au/media-a-resources/media-release-alerts/1324-customer-owned-banking-puts-people-before-profits|title=Customer Owned Banking Association - Customer Owned Banking puts people before profits|website=www.customerownedbanking.asn.au|access-date=2020-01-20}}
= Funding =
People's Choice completed a $650 million offering of residential mortgage-backed securities (RMBS) in 2019. The offering was launched at $500 million{{Cite web|url=http://www.kanganews.com/news/10339-people-s-choice-launches-light-trust-2019-1-rmbs-deal|title=People's Choice launches Light Trust 2019-1 RMBS deal {{!}} KangaNews|website=www.kanganews.com|access-date=2019-08-05}} but was extended to $650 million after receiving $1.4 million in bids. Light Trust 2019-1 was priced at 102 basis points above the one-month Bank Bill Swap Rate.
= Awards =
Forbes World’s Best Bank list 2024 {{cite web|title=These 8 Australian banks made Forbes World's Best list for 2024
|date=18 April 2024 |url=https://www.forbes.com.au/news/investing/worlds-best-banks-2024/|accessdate=19 April 2024}}
Indexing data
People's Choice has developed an index of housing affordability and liveability to help people looking to buy a house. The People's Choice of Housing analyses suburbs to determine whether a financial institution is likely to lend to a couple on ordinary income and expenses interested in a median-priced home in that suburb (serviceability), the cost of buying that home (affordability). It also provides a series of factors summarizing whether people are likely to want to live in that suburb (liveability).{{Cite web|title=Adelaide's sweet spots: The city's most affordable and liveable suburbs revealed - realestate.com.au|url=https://www.realestate.com.au/news/adelaides-sweet-spots-the-citys-most-affordable-and-liveable-suburbs-revealed/|access-date=2019-10-21|website=www.realestate.com.au|language=en-US}}{{Cite web|date=2019-10-18|title=Melbourne's sweet-spot housing markets revealed|url=https://www.news.com.au/finance/real-estate/melbourne-vic/melbournes-most-liveable-and-affordable-suburbs-named/news-story/535c5a5352a4bf6f2feb0d83d5675817|access-date=2019-10-21|website=NewsComAu}}{{Cite web|date=2019-10-18|title=First home buyers urged to check unfamiliar suburbs for bargain homes|url=https://thenewdaily.com.au/money/property/2019/10/18/first-home-buyer-suburb-lliveable/|access-date=2019-10-21|website=The New Daily|language=en-US}}{{cite news|last1=Landy|first1=Samantha|date=25 April 2020|title=Melbourne's most liveable affordable suburbs revealed|url=https://www.realestate.com.au/news/melbournes-most-liveable-affordable-suburbs-revealed/|accessdate=7 May 2020}}{{cite news|last1=Brown|first1=Jessica|date=25 April 2020|title=Best of both worlds: the Adelaide suburbs where affordability and liveability go hand-in-hand|url=https://www.news.com.au/finance/real-estate/best-of-both-worlds-the-adelaide-suburbs-where-affordability-and-liveability-go-handinhand/news-story/226f28e92979051673480e81fec64f86|accessdate=7 May 2020}}
References
{{Reflist}}
External links
- {{Official website|https://peopleschoice.com.au/}}
{{Banking in Australia}}