We’re pleased to share an important update on our proposed merger with Regional Australia Bank.
Following months of thoughtful planning and a comprehensive due diligence process, both our Board and Regional Australia Bank’s Board have now given their support to recommend the merger to members. This due diligence process identified significant synergies and benefits for members and is a major milestone in our shared vision to build a stronger future for our customers and communities for generations to come.
What does this mean for you?
For now, it’s business as usual until member vote. Summerland Bank has made several commitments in relation to the proposed merger:
- No forced staff redundancies: The staff you know, and trust will continue to support you.
- No branch closures: In fact, there will be increased branches for you to access.
- Continued operation under existing names: Both Summerland Bank and Regional Australia Bank will continue to operate under their existing names until the proposed merger date of 1 July 2026. At this point we will then look to review the integration of technology, services and products, including our business name which we expect to complete within 18 months.
As we progress through the merger milestones, we’re focused on creating a more robust future with more to offer, including:
- Enhanced customer experience: A broader range of products and services, accessible through a large network of branches and digital channels.
- Community investment: Increased capacity to support local projects, charities, and sustainability initiatives that align with local and regional values.
- Financial opportunity: Greater financial size and strength allows for more opportunities to invest in and support member safety programs, innovative product solutions, and local businesses.
- Employee opportunities: More diverse roles, training pathways, and career development for employees, underpinned by a collectively strong and supportive workplace culture.
Both banks remain committed to transparency and open communication as they prepare documentation for submission to the banking regulator, APRA. Members and employees will be kept informed throughout the process, with the shared goal of ensuring a smooth and positive transition.
What’s next?
With this milestone achieved, we’ll now begin the regulatory approval process. This involves submitting a comprehensive application to the banking regulator, APRA, for their consideration.
Following regulatory approval, we will actively seek your feedback and engage with you in the lead-up to our AGM in November, where members will vote on the proposed merger, anticipated to commence on 1 July 2026.
As always, we’ll keep you informed along the way and provide opportunities to ask questions and share feedback. In the meantime, you can always visit our website where we have a dedicated Merger FAQs page for more information.
We are excited about this natural and powerful partnership for our future, based on our strong collective culture and mutual commitment to putting customers and communities first. Together, we will deliver more value, more innovation, and a stronger future for our members and respective communities as we grow and expand.
If you have any questions or would like to know more, we’re always here to help. Simply drop into your nearest branch, reach out to info@summerland.com.au, or call 1300 728 728.
