The Co-operative Bank (New Zealand)

The Co-operative Bank is a New Zealand based and registered bank. It provides everyday banking, deposits, savings, loans, insurance and small-business banking throughout the country.

Originally set up in 1928 as the Public Service Investment Society and subsequently renamed PSIS, the Co-operative Bank became a registered bank in October 2011. the bank has around 161,000 customers throughout New Zealand.

As a co-operative the Bank is owned by its customers and its main purpose is to benefit the customers. The Cooperative Bank paid $2.1 million of surplus profit back to its customers. Since 2013 it has paid back over $12 million to its members.

History

 * 1928: Founded as the Public Service Investment Society, lending money to public servants when others were reluctant to do so
 * 1979: Placed in statutory management on 28 June
 * 1987: Statutory management ended in October
 * 1993: Registered under Companies Act 1993
 * 1996: Registered under Co-operative Companies Act 1996
 * 1998: Name abbreviated to PSIS
 * 2002: CEO John Price resigns
 * 2003: Girol Karacaoglu appointed CEO
 * 2006: Total assets surpassed NZ$1 billion in May
 * 2011
 * June: PSIS announces dividend will be paid
 * October: Change of name to The Co-operative Bank and registration as a bank by the Reserve Bank of New Zealand


 * 2012
 * January: Girol Karacaoglu resigns and Sir David Gascoigne (chairman) retires.
 * April: Steven Fyfe appointed chairman.
 * June: Bruce McLachlan appointed CEO.


 * 2014: Frans Kruger and Bruce McLachlan (CEO) open the branch in Queen Street, Auckland, on 17 November, with Frans Kruger becoming its first Branch Manager.
 * 2017: Bruce McLachlan (CEO) resigns, CFO Gareth Fleming appointed acting CEO.
 * May: David Cunningham appointed CEO.

Organisational memberships

 * Cooperative Business New Zealand (Inc)
 * New Zealand Financial Services Federation (Inc)
 * New Zealand Savings Institutions Association