HBS shareholders approve merger with SBS
HBS Building Society has received shareholder approval for its proposed merger with SBS Bank, the former Southland Building Society.
At a special shareholder meeting today, 98 percent voted in favour, significantly over the 75 percent threshold required to ratify the merger.
"That this number of members chose to vote affirmatively is a clear mandate that the HBS board has identified the right way to secure the future of our organisation," HBS chairman Frank Spencer said.
The merger is likely to be in early October, but depends on when the Registrar of Building Societies processes the transfer of registration to SBS Bank.
All staff and management will be retained, and the 125-year-old HBS brand will continue.
SBS Bank has assets of $2.63 billion and 15 branches, while HBS has assets of $185 million.