MyState Limited is an Australian financial group, headquartered in Hobart,

Tasmania ) , nickname = , image_map = Tasmania in Australia.svg , map_caption = Location of Tasmania in AustraliaCoordinates: , subdivision_type = Country , subdi ...

. It formed in 2009 following the merger of the Tasmanian Perpetual Trustees and MyState Financial. In 2011 it further purchased the Queensland-based Rock Building Society for $68.3 million AUD. In October 2014, its largest section, MyState Financial received authorisation from the

Australian Prudential Regulation Authority The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the re ...

to rename itself to MyState Bank.

Companies

MyState Limited consists of * MyState Bank (including The Rock – A division of MyState Bank, and the MyState Foundation) * Tasmanian Perpetual Trustees

History

MyState was founded as a

Credit Union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provisi ...

Tasmania ) , nickname = , image_map = Tasmania in Australia.svg , map_caption = Location of Tasmania in AustraliaCoordinates: , subdivision_type = Country , subdi ...

, Australia under the name Connect Credit Union, which was created from the merging of two credit unions, the Teachers, Police and Nurses Credit Union and Savings & Loans (Credit Union Cooperartive). Connect Credit Union attempted to demutualise in 2003 but failed when just 13,000 of its members voted, unable to reach a quorum of 75% of members voting. In 2007 the members of Tasmania's two largest credit unions agreed to a merger, creating MyState Credit Union out of Island State Credit Union and Connect Credit Union. In 2009 MyState Credit Union merged with Tasmanian Perpetual Trustees, demutualising at the same time to list on the ASX. MyState Bank Stockland Rockhampton

In 2011, MyState purchased The Rock Building Society which had been established in the

Central Queensland Central Queensland is an ambiguous geographical division of Queensland ( a state in Australia) that centres on the eastern coast, around the Tropic of Capricorn. Its major regional centre is Rockhampton. The region extends from the Capricorn Coas ...

city of Rockhampton in 1967. Following the merger, MyState closed multiple branches of The Rock throughout the region including in Emerald,

Biloela Biloela ( ) is a rural town and locality in Shire of Banana, Central Queensland, Australia. It is situated inland from the port city of Gladstone at the junction of the Burnett and Dawson highways. Biloela is the administrative centre of Ban ...

, Mount Morgan, Moura,

Emu Park Emu Park is a coastal town and locality on the Capricorn Coast located south of Yeppoon in Queensland, Australia. It is within the local government area of Shire of Livingstone (between 2008 and 2013, it was within the Rockhampton Region). In ...

and

Baralaba Baralaba is a rural town and locality in the Shire of Banana in central Queensland, Australia. In the , Baralaba had a population of 314 people. Geography The Dawson River forms the western boundary of the locality. The town is located in the ...

.Jarrett, Vanessa (7 August 2020
Bank's shock plan to close four CQ branches, cut jobs
''

The Morning Bulletin ''The Morning Bulletin'' is an online newspaper servicing the city of Rockhampton and the surrounding areas of Central Queensland, Australia. From 1861 to 2020, ''The Morning Bulletin'' was published as a print edition, before then becoming a ...

''. Retrieved 9 September 2020.Shannon, Louise (25 August 2017
Bank closures outrage
''

Central Queensland News The ''Central Queensland News'' is an online newspaper located in Emerald, Queensland, Australia. From 1937 to 2020, the ''CQ News'' was published as a print edition, providing coverage of local news and events from the Central Highlands and ...

''. Retrieved 9 September 2020. Despite the new ownership, The Rock Building Society retained its original name until its branches were rebranded in 2018 to MyState Bank.(13 November 2018
The Rock set to get stronger with new name
''The Morning Bulletin''. Retrieved 9 September 2020. The Rock's regional executive manager Peter Fraser assured customers that despite the name change there would be no negatives associated with the rebrand such as branch closures or staff losses. However, less than two years later, MyState announced all remaining Central Queensland branches of MyState Bank would close, with 26 staff in Rockhampton, Gladstone and

Yeppoon Yeppoon is a coastal town and locality in the Shire of Livingstone, Queensland, Australia. Yeppoon is renowned for its beaches, tropical climate, and the islands out on the bay. Located from the city of Rockhampton, Yeppoon is the seat of the ...

losing their jobs. MyState bank claimed the decision was made due to the declining number of customers who visited branches in person, as well as the decrease in the use of cash during the

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...

. The decision drew strong criticism from

Rockhampton Regional Council The Rockhampton Region is a local government area (LGA) in Central Queensland, Australia, located on the Tropic of Capricorn about north of Brisbane. Rockhampton is the region's major city; the region also includes the Fitzroy River, Mount A ...

mayor, Margaret Strelow who said she was "disgusted" by the decision and that she and her husband would be withdrawing their money from MyState Bank in protest. Strelow said it was "a timely reminder of the arrogance which we are treated when our businesses are taken over by large entities".

References

ABC news storyABCTasmanian Times on mergerSunday TasmanianExaminerFocus of a co-op case study

External links

{{Portal, Banks
Official Website

Corporate Website
Companies based in Hobart Credit unions of Australia Banks of Tasmania Banks of Australia