B Corp certification is an independent endorsement for businesses that meet high standards of social and environmental performance, accountability and transparency.

People First Bank is one of fewer than 60 banks worldwide to hold this recognition.

CEO Steve Laidlaw said the re-certification was a strong signal of the bank’s ongoing progress as a purpose-led organisation.

“This recognition confirms that we are delivering real impact through our environmental, social and governance programs – from reducing emissions to volunteering in our communities,” Mr Laidlaw said.

“For 150 years, our focus has been on supporting people and communities. Today, B Corp recertification shows how that long tradition continues in the way we operate and the commitments we are making for the future.”

Looking ahead, the bank’s focus includes a new Voice of Customer program, launching additional green products, expanding its Good Squad employee volunteering initiative, delivering on climate commitments and advancing its Innovate Reconciliation Action Plan.

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Steve Laidlaw

People First Bank has reported another year of strong results for the year ending 30 June 2025, achieving solid growth across lending, deposits and customers while advancing major technology and community initiatives.

Financial highlights for 2024-25 include:

• Net profit after tax of $44.1 million, up 7% from $41.4 million.
• Total loans and advances of $21.1 billion, up 4% from $20.3 billion.
• Retail deposits of $20.1 billion, up 6% from $19.0 billion.
• Total assets of $25.3 billion, up 3% from $24.5 billion.
• Total capital ratio grew to 17.5%, up from 15.5%in the 12 months to June 2025.

CEO Steve Laidlaw said the results highlight both strong performance and future direction.

“These results show that we are delivering for customers while building for the future. By combining a clear purpose with technology investment, People First Bank is well placed to grow as a strong and sustainable customer-focused bank.”

Digital at the heart of better banking

The bank advanced major technology programs during the year, with final piloting of its new mobile and internet banking platforms underway ahead of launch next year, alongside a redesigned website. Upgrades to lending systems are also making it simpler and faster for customers to buy a home.

Partnering with globally recognised providers including Backbase, Salesforce, Simpology and Fiserv, the bank is building a best-of-breed suite of cloud-based platforms that will deliver outstanding digital experiences and security, while enabling the use of innovations such as AI.

“We are investing in platforms that will give customers a simple, secure, world-class banking experience,” Mr Laidlaw said. “These investments also make us more adaptable to a rapidly changing market.”

Thirty-four branches were refreshed with the People First Bank brand during the year, with only three People’s Choice sites still to be updated before the rebrand of Heritage branches begins in 2026. Smart ATMs were also introduced across the network.

Product enhancements included more flexible home loan features, expanded green car loan options and People First Bank’s first general insurance offering.

Customer advocacy remained a strength, with People First Bank welcoming 45,000 new customers and recording a Net Promoter Score of +31 over the past six months – almost three times the industry average.

Keeping customers safe

People First Bank strengthened its defences against scams and fraud through a new Anti-Scam Strategy, supported by specialist staff and new technology. Its Scams Hotline helped prevent 480 scams and protected almost $13 million of customer funds, while its Security Operations Centre continued 24/7 cyber monitoring.

Support for customers experiencing vulnerability also grew, with capped fees, a safety net for government benefit recipients and new protections for those at risk of financial abuse.

Backing communities and sustainability

People First Bank contributed $8.8 million in community support nationwide through its Foundation, Community Lottery, local partnerships, and community branches.

The bank launched its Innovate Reconciliation Action Plan and almost doubled employee volunteering through its Good Squad program.

Progress also continued on the new Toowoomba head office, with demolition completed at the Ruthven Street site and a development application lodged with Council.

The bank remained carbon neutral for the fourth year, sourced more than half of its energy from renewables, and had its emissions targets validated by the Science Based Targets initiative. People First Bank also achieved B Corp re-certification, extending this globally recognised accreditation for a further three years.

Looking to the future

Mr Laidlaw said the year carried historic significance as People First Bank marked its 150th anniversary.

“This year we made strong progress. While we celebrated our history, our focus is firmly on the future – building the very best digital banking capabilities, and supporting our customers, communities, employees, and the environment.

“These are the foundations that will ensure our success as a modern, purpose-driven bank that Australians can rely on for generations to come.”

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Melina Morrison

Australia’s co-operative and mutual sector has ambitions to emulate its UK counterpart’s planned doubling in size, after recording an 8.4 per cent increase in annual revenue.

The latest National Mutual Economy Report (NME), published by the Business Council of Co-operatives and Mutuals (BCCM), shows continued resilience by the sector against a backdrop of on-going global volatility and stabilising inflation.

The top 100 co-operatives and mutuals posted revenue of $47.7 billion in the year to June 30, 2024, up from $44 billion in the previous year.

Total revenue for the sector is now 38.6 per cent higher than in FY 2021, reflecting consistently robust growth during the post-Covid period and laying strong foundations for continued expansion.

“Australia’s co-operatives and mutuals continue to demonstrate their resilience despite challenging conditions both globally and domestically, reinforcing the strength of this under-appreciated business model,” said Melina Morrison, Chief Executive Officer of the BCCM.

“There is enormous potential for the sector to make an even greater contribution to a more competitive and productive economy, given appropriate regulatory settings and support from government.

“Co-ops and mutuals are already delivering positive outcomes for members and their communities in a number of challenging areas, including affordable housing, aged care and disability support services, regional banking and agriculture.

“We look forward to working with government and regulators to position co-ops and mutuals at the centre of the economic and social agenda, similar to the UK Labor Government’s initiative to double the size of its mutual sector,” Ms Morrison said.

Co-operatives and mutuals have shown remarkable resilience in the face of economic headwinds, reinvesting surpluses locally and maintaining service delivery. Government should look to the business model to help stimulate economic growth amongst smaller Australian firms. Sectors targeted for growth like manufacturing and renewable energy could benefit from co-operatives as a vehicle to scale small and medium businesses.

The top 100 features some of Australia’s biggest unlisted companies including West Australian grain handler CBH, health insurers HCF and HBF, motoring groups NRMA, RACQ and RAC as well as health and financial services group Australian Unity.

The mantle of Australia’s largest co-op again went to CBH, which recorded turnover of $4.69 billion.

CBH’s Chief Executive Officer, Ben Macnamara, said the outlook for the agricultural sector remained strong with a growing WA crop size and global demand for grain remaining strong.

“At CBH, we’re seeing the benefits of sustained investment in supply chain efficiency and infrastructure. That said, volatility is a constant in our industry, whether it’s from global geopolitical tensions or market disruptions.

“Despite this, we must continue to innovate alongside our grower members, remain cost-conscious and ensure that we’re delivering value back to our members, not just in strong seasons but in the tough ones too.”

Steve Laidlaw, the chief executive of Australia’s largest customer owned bank, People First Bank, also highlighted the unique challenges facing the sector.

“Increasingly, Australians are turning to organisations that act with integrity, serve a clear purpose and contribute to their communities.

“That presents a real opportunity for co-ops and mutuals, but also a clear challenge. Customers want to bank with organisations that have a social conscience and do good. However, this is not enough, they also need their experiences to be simple and tailored to their needs. We need to meet both of these elements if we are going to continue to succeed.”

The NME report shows that the top 100 managed assets worth $217 billion, up 4.8 per cent on the previous year, while net profit after tax was $1.87 billion.

Co-operatives and mutuals exist for the benefit of their members, which may be customers, staff, suppliers, or a combination of stakeholders. Unlike listed companies, they are not motivated by the need to maximise profits and pay dividends to investors. Instead, they can use surplus funds to reinvest in services and deliver benefits to members. Eight in every 10 Australians are members of at least one co-operative or mutual.

Outgoing Chief Executive Officer of HCF, Sheena Jack, said the mutual model’s strength lay in “putting people before profits”.

“Our members aren’t just customers—they’re the reason we exist. Every decision we make has our members at the centre. Being part of a mutual like HCF means members benefit directly from the value we create, from lower premiums, more generous benefits, better customer service, and access to health programs that support their wellbeing.”

The NME report shows that Australia’s co-ops and mutuals had combined active memberships of 37.3 million during the 2024 financial year, up from a previous 34.7 million.

There was a total of 1834 co-ops and mutuals, directly employing at least 94,400 Australians. This was a slight increase on the previous year, despite heightened merger activity, particularly among customer owned banks, driven by the need to find scale and efficiencies in a competitive banking environment.

Top 10 Co-operative Mutual enterprises by turnover

 
 
That merger activity has continued in the current financial year with Bank Australia and Qudos Bank set to unite in July, while Teachers Mutual Bank Limited and Australian Mutual Bank Limited, and Regional Australia Bank with Summerland Bank, are considering mergers for 2026.

Commenting on drivers behind consolidation, Bank Australia CEO and managing director Damien Walsh said: “Customer-owned banks continue to face common challenges around economies of scale, replacing legacy technologies and growing cybersecurity threats.

“How smaller institutions balance these competing challenges and drive continued improvements in customer experience will be critical to their future success.”

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The bank’s targets have been officially validated by the Science Based Targets initiative (SBTi), a global authority that defines best practice in target-setting and independently assesses emissions reduction programs.

“This is about doing our part – with a clear, science-backed path to cut our emissions and support Australia’s shift to a low-carbon economy,” said People First Bank CEO, Steve Laidlaw.

“For any plan to make a real difference, it needs to be grounded in science with rigorous monitoring and accountability. That is why we are working with the SBTi: to ensure our actions deliver measurable results.

“As a customer-owned bank, we act in the long-term interests of our customers and communities. That means taking our environmental responsibility seriously and backing it with real action.”

People First Bank’s near-term targets include:

• 95% reduction in Scope 1 and Scope 2 emissions by 2030 (from FY23 baseline).
• 100% renewable electricity by 2030, up from 56% in FY23.
• 38% reduction in Scope 3 Financed Emissions (mortgage portfolio) per square metre by 2030, from FY24 baseline.

To achieve these goals, People First Bank will take further action across the organisation, including:

• Expanding its range of green loans for energy-efficient home upgrades such as solar panels and battery storage.
• Improving energy efficiency across its branches and offices.
• Transitioning its fleet from hybrid to fully electric vehicles.
• Securing renewable energy for all sites, including those in currently underserved areas.
• Working with industry to help decarbonise the real estate sector.

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Steve Laidlaw

Two years on from the successful merger that created Australia’s largest customer-owned bank, People First Bank is celebrating strong growth and major investment in digital transformation to deliver simpler, smarter banking for its customers.

Formed in March 2023 through the merger of Heritage Bank and People’s Choice Credit Union, People First Bank has grown into one of Australia’s most trusted banks, with more than 700,000 customers, approximately $25.5 billion in total assets, and a clear purpose: to create positive change through banking.

“At a time when many Australians are looking for something better from their bank, we are proud to be delivering a real, customer-owned alternative – one that prioritises people and communities,” CEO Steve Laidlaw said.

“Over the past two years, we have made strong progress in modernising our systems and simplifying our processes, while staying true to the values and culture that set us apart. “We have grown our customer base, lending and deposits, supported our people, and invested in the regions that helped build us.”

The bank is now accelerating a new phase of technology investment and innovation. A nextgeneration Mobile App and upgraded Internet Banking platform will launch in coming months, alongside a new lending system to make it easier and faster to access finance – online, over the phone or in person.

“These investments are only possible because of the scale and strength our merger has provided,” Mr Laidlaw said.

“We are building a world-class digital banking platform with the agility to evolve and meet future needs. This will create a simple, secure and innovative banking experience for our customers.”

Over the past two years, People First Bank has achieved:

• The launch of its new People First Bank brand, now well advanced in its national rollout.
• Expansion of 24/7 call centre service nationally.
• Establishment of a dedicated scams hotline and enhanced fraud support.
• Broadening of Saturday trading in selected sites to better support customer needs.
• Investment in community and environmental programs, including $9.3 million in community funding in the past year alone.
• Employer of Choice recognition and carbon neutral certification.
• A new ‘Innovate’ Reconciliation Action Plan.

As a customer-owned bank, People First Bank remains one of Australia’s most trusted financial institutions. Its most recent net promoter score – a key independent measure of trust and advocacy – was 42, well above the industry average.

People First Bank is also celebrating 150 years since its founding in 1875 as the Toowoomba Permanent Building and Investment Society.

This year marks 150 years since our founding as a purpose-driven alternative to the major banks,” Mr Laidlaw said.

“That founding principle remains as true today as ever. We are building a modern, customerfocused bank with deep community roots – and a long-term vision to match.”

Demonstrating its enduring commitment to Toowoomba, People First Bank is advancing plans for a new five-storey head office in the city’s CBD. The development, led by local firm FKG Group, will open in late 2027.

The new building will house up to 400 employees and offer a modern, flexible workspace designed to attract top talent, support customers and serve the community.

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Steve Laidlaw to succeed Peter Lock as CEO

Steve Laidlaw, Deputy CEO, will succeed Peter Lock as CEO on 1 July 2024, allowing for a smooth transition in line with our merger commitments and coinciding with the start of the new financial year.

Before the merger, Mr Laidlaw was Managing Director and CEO of People’s Choice, a position he held since 2016.

Mr Lock will retire from People First Bank on 31 August 2024 after nearly nine years leading the organisation and Heritage Bank. The business is performing well, and the integration is ahead of expectations.

“These changes reflect our merger commitments to ensure a smooth transition through the merger of Heritage Bank and People’s Choice and now the creation of People First Bank,” said Chairman, Michael Cameron.

“I extend my gratitude to Peter for his leadership and dedication to our members as our inaugural CEO. Peter leaves People First Bank with a strong balance sheet, deposit and lending growth that is outperforming the market, high customer satisfaction and a clear plan for the future.

“I congratulate Steve on his appointment and am excited about the future under his leadership.”

Retirement of Directors

In accordance with the company’s Constitution that was approved as part of the merger, the Board will be reducing in size from twelve to eight directors.

Kerry Betros AM and Georgina Williams will retire at this year’s AGM on 14 November 2024, with two more directors retiring at next year’s AGM.

“Kerry has been synonymous with our organisation for over 30 years, joining as a Director of Heritage Bank in 1991 before being appointed Chairman in 2012 and Deputy Chairman of People First Bank last year. His commitment to our bank, to the values of mutuality and to the communities of South East Queensland have been outstanding,” said Mr Cameron.

“Georgina has been a Board member since 2021 and has played a valuable role in the company’s success.”

“I thank Peter, Kerry and Georgina for their contribution and welcome Steve as the new CEO.”

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Michael Cameron

Heritage Bank and People’s Choice Credit Union, two of Australia’s leading customer-owned banking organisations, will proceed with merger plans following completion of an extensive due diligence process which confirmed the benefits to members of the proposal.

The next step is the regulatory approval process. Members will then have the final say through a member vote in late 2022.

Strong strategic rationale

The recently completed due diligence confirmed that the proposed merger is a unique and compelling opportunity to combine the best of two member-driven and complementary businesses to improve member benefits including enhanced products, services, digital capabilities and competitive pricing through a growing national footprint, while increasing support for community and environmental initiatives.

The merger will create one of Australia’s largest customer-owned banking organisations with approximately 1,800 employees, 720,000 members and total assets worth more than $22.5 billion.

Governance structure agreed

A robust governance structure to oversee the management and strategic direction of the combined entity has been agreed.

Michael Cameron, the current People’s Choice Chairman, will be appointed Chairman and Kerry Betros, the current Heritage Chair, will be appointed Deputy Chair.

Peter Lock, the current CEO of Heritage, will serve as CEO of the merged organisation and Steve Laidlaw, currently CEO of People’s Choice, will be appointed Deputy CEO. Mr Lock will retire 18 months after the establishment of the merged organisation, when Mr Laidlaw will be appointed as CEO.

This arrangement provides seamless leadership and deep expertise for the merged organisation during the integration period and into the future.

Both organisations will have equal Board representation, with all current directors of both organisations appointed to the new entity’s Board.

This strong Board and Executive partnership will provide stability, local experience, and long-term succession planning, as well as reflecting the fact that this is a true merger of equals.

Both organisations are committed to remaining proudly member-owned and, as a result of the merger, there will be no redundancies below executive level, there will be no branch closures, there will be dual head offices in Adelaide and Toowoomba, and most importantly, members will benefit from more branches, better products and services and contemporary, secure banking technology.

Board and management encourage member support

Heritage Chief Executive Officer Peter Lock said, “We are confident a merger is firmly in our members’ best interests. Joining forces represents a unique pairing of equals, offering unparalleled cultural and strategic alignment and an absolute commitment to mutuality.”

People’s Choice Chief Executive Officer Steve Laidlaw said, “By coming together we will create a national member-owned banking organisation that will be of a size and scale to enable us to deliver outstanding products and services for our members.”

The Chairmen of both organisations encouraged members to support the merger.

“This is an exciting opportunity that will enhance the legacies of both our organisations in our respective communities and will see all members benefit from a stronger, united customer-owned banking organisation,” Heritage Chairman Kerry Betros said.

“The Board is committed to ensuring that we remain a strong values-driven organisation that is dedicated to mutuality, our members, employees and the communities that we operate in,” People’s Choice Chairman Michael Cameron said.

Next steps

The proposed merger remains subject to regulatory and member approval. Detailed information about the merger proposal will be provided to members ahead of a member vote expected to take place at both organisations’ Annual General Meetings towards the end of 2022. Should members vote in favour of the merger, the new organisation is expected to be established in early 2023.

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Michael Cameron

Heritage Bank and People’s Choice Credit Union, two of Australia’s leading customer-owned banking organisations, have announced they have entered into a non-binding agreement to explore a merger opportunity.

If a merger were to proceed, both organisations’ members would benefit from being part of one of Australia’s largest customer-owned banking organisations with approximately 700,000 members and $22 billion in total assets.

The proposed merger has a strong strategic rationale given the complementary capabilities and geographic footprint of both parties. By joining forces, the merged entity would be of a size and scale that would enable both organisations to deliver more for their members through enhanced products, services, digital capabilities and competitive pricing.

The combined entity would retain a mutual status with a committed member focus.

It would operate a national network of more than 90 branches and employ approximately 1,700 people. There would be no branch closures or non-executive redundancies as a result of the proposed merger.

People’s Choice Chairman, Michael Cameron, said, “Heritage and People’s Choice have been in discussions for several months. We recognise that we are both strong businesses, with approximately the same number of members, employees and assets so if a merger proceeds it would be a true merger of equals”.

Heritage Chairman, Kerry Betros, said, “Our members’ interests will be the most important consideration in any decision to merge and they will have the final say in any potential merger”.

“While we are both successful organisations, joining forces would provide us with the scale, profile and nationwide presence to redefine mutual banking for current and future members,” Heritage CEO, Peter Lock, said.

“People’s Choice and Heritage are both strong values-driven organisations that are committed to mutuality, their members, employees and the communities that they operate in,” People’s Choice CEO, Steve Laidlaw, said.

“Together, the merged entity would enable us to significantly enhance our ability to invest in a broader range of products and services as well as providing access to digital capabilities that will benefit our members,” Mr Lock and Mr Laidlaw said.

If the merger proceeded, both organisations would have equal Board representation and head offices would be retained in both Toowoomba and Adelaide.

A detailed and thorough due diligence process is now underway to assess the member benefits. If both organisations decide to proceed, the proposal will go to a member vote which would occur in early 2022.

Members of both organisations do not need to do anything at this stage. Should the merger proceed to a vote, further information will be provided to them to enable an informed decision with respect to the proposed merger.

Heritage and People’s Choice will provide further updates as required as the discussions progress.

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