Heritage Bank

Office address: 400 Ruthven St Toowoomba QLD 4350 
Website: heritage.com.au 
Year established: 1875 
Company type: banking 
Employees: 900+ (2022; before merging) 
Expertise: home loans, personal loans, business loans, credit cards, savings accounts, insurance, financial planning, term deposits, superannuation, online banking, investment products 
Parent company: People First Bank (PFB) 
Key people: Steve Laidlaw (CEO), Darren Stephens (chief people officer), Benn Wogan (COO), Maria-Ann Camilleri (chief customer officer), Peter Corolis (chief risk officer), Vince Pace (CFO) 
Financing status: mutual bank 

Heritage Bank was one of Australia’s oldest and largest customer-owned banks, serving 330,000 members. It specialised in home loans, offering fixed, variable, construction, bridging, and first home buyer mortgages across Australia.  

Note: In 2023, the bank merged with People’s Choice Credit Union to form a new member-owned organisation. This profile covers Heritage Bank’s operations before and after the merger, until the planned rebranding to People First Bank. 

History of Heritage Bank 

The bank was formerly known as Toowoomba Permanent Building Society and was founded in 1875 to help locals save and buy homes. Over the years, it grew alongside Darling Downs Building Society, another Queensland-based institution known for supporting local communities and homebuyers.  

Both groups became major players in Queensland’s building society sector. Other important events include: 

• 1934: Toowoomba Permanent relocated its head office to Russell and Neil Streets 
• 1954: Darling Downs opened a head office on Margaret Street 
• 1981: the two societies merged to form Heritage Building Society 
• 1995: assets reached the $1 billion milestone 
• 2011: name changed from Heritage Building Society to Heritage Bank 
• 2019: first branch outside Queensland opened in Castle Hill, NSW 

In recent years, Heritage Bank merged with People’s Choice Credit Union in March 2023 to form a new member-owned group. In December 2023, the organisation announced it would unify under the new brand, People First Bank. 

Products and services 

Heritage Bank’s home loan products aim to help members achieve their property goals with flexible features and support. Main offerings include: 

Home loan types 

• variable rate home loans: flexible loans with features like redraw and offset accounts 
• fixed rate home loans: set repayments for a fixed term, providing certainty 
• home advantage package: bundled loan with discounted rates and fee savings 
• bridging loan: helps with buying a new home before selling the old one 
• family guarantee: allows family to use their home equity as additional security 

Loan features and support 

• mortgage crusher offset account: links savings to reduce interest paid on the loan 
• flexible repayment options: free extra repayments and redraw of advance payments 
• people first service: customer-owned focus with personal support 

Tools 

• research tools: calculators for repayments, borrowing power, and refinancing 

Heritage Bank’s home loan services were designed to give members flexibility and support at every stage. Their tools and features aimed to make the process easier for buyers, investors, and refinancers. 

Company culture and values 

Heritage Bank relies on its people-first culture where every member can share their voice and feel valued. The team focuses on supporting members’ financial journeys and delivering a positive banking experience for all: 

• community lottery: raised over $22 million for local groups 
• Story Dogs sponsorship: funded reading support for Queensland students 
• community branch model: partnered with locals to keep banking services 
• scholarships: supported rural students through UniSQ partnership 
• photographic awards: annual competition open to all Australians 
• calendar house: annual calendar supports local organisations 
• charity golf day: raised $50,000 for grassroots charities 
• foundation grants: provided funding for not-for-profit community projects 

In terms of ESG, Heritage Bank achieved Climate Active Carbon Neutral certification and aims to use renewable energy at all sites by 2024. Each year, they commit at least $2.5 million to community initiatives and offer fairer fees for members. 

About CEO Steve Laidlaw and key people 

Steve Laidlaw is the CEO of PFB and leads the merged group’s executive team, which makes him Heritage Bank’s leader. Before this, he was CEO of People’s Choice Credit Union from 2016 until the 2023 merger. His leadership team includes: 

• Darren Stephens serves as chief people officer, leading human resources and transformation efforts across the business 
• Benn Wogan acts as COO, overseeing legal, governance, and operational compliance for the bank 
• Maria-Ann Camilleri is chief customer officer, driving customer experience and growth initiatives across multiple brands 
• Peter Corolis works as chief risk officer, managing risk, strategy, and regulatory compliance for the organisation 
• Vince Pace is CFO, handling finance, treasury, and procurement for the mutual banking group 

This team is dedicated to delivering value for members. They focus on strong performance and building a positive future. 

The future at Heritage Bank 

The merger of Heritage Bank and People’s Choice in 2023 to form PFB is one of several recent mutual bank consolidations in Australia. Higher regulatory costs and new technology needs are pushing more mutual banks to combine. The industry is still watching Heritage’s future closely, as the timing and impact of the rebranding remain uncertain.