TSB Bank (New Zealand)

This article is about TSB Bank in New Zealand. For TSB Banks in other parts of the world, see TSB Bank.
TSB Bank
Trustee bank
Founded 28 September 1850
Headquarters New Plymouth, New Zealand
Products Banking and financial services
Website www.tsbbank.co.nz

TSB Bank (originally known as the Taranaki Savings Bank) is a New Zealand bank with headquarters in New Plymouth. It has 26 branches across the country but is heavily focused on the Taranaki region where 12 of its branches are located.

It provides retail banking and related financial services to individuals and companies. It was originally one of twelve trustee banks in New Zealand, but when nine banks decided to amalgamate as Trust Bank, TSB Bank stood aside and remained an independent institution and has since expanded its business across the country. The bank is owned by the TSB Community Trust which distributes the income its receives from the bank back into the New Zealand community.

In addition to banking TSB Bank Ltd operates TSB Realty, with three branches in Okato, Bell Block and New Plymouth.[1] TSB also operates TSB Holiday Shoppe from New Plymouth, as well as TSB Foreign Exchange from 13 branches around the country.

History

The New Plymouth Savings Bank was established in 1850 and received its first deposit on the 28 September 1850 from Waitera te Karei with a deposit of £34. At the time the bank's accountant was paid an annual salary of ₤20, so the deposit was a considerable sum. Eight years later the bank fell under the auspices of the Savings Bank Act 1858 designed to regulate the savings bank market.

In 1921 a second branch was opened in Fitzroy, and a third in Waitara in 1946. In 1964 the first central Taranaki branch opened in Stratford, combined with a name change to Taranaki Savings Bank.

With the loosening of regulations on banking in the 1970s, the Bank's position was sufficiently sound for it to take maximum advantage of its new found freedom. In 1975, Taranaki Savings Bank was the first bank to offer free, interest-bearing cheque accounts and in 1981 the bank pioneered New Zealand's ATM Cashflow network with one ATM installed in each of the Hawera, Fitzroy, New Plymouth City and New Plymouth City Centre (now TSB Centre) branches.

In 1984 and again in 1986 the bank rejected the branding adopted by the other eleven trustee banks across New Zealand, and in 1988 when the trustee banks were corporatised under the Trustee Banks Restructuring Act 1988[2] the bank stood aside from the merger into a single Trust Bank, remaining (along with ASB Bank Ltd and Westland Bank) fiercely independent. The savings bank was vested as a limited liability company (under the name Taranaki Savings Bank Limited) on 9 September 1988, nine days after the other 13 trustee banks were vested in their successor companies.[3] In 1989 it did update its name, to TSB Bank Ltd.[4]

The Frankleigh Park branch was closed in 2012,[5] the Merrilands branch on 25 July 2014,[6] and the City branch in October 2014.[7] The City branch building was 83 years old but assessed to be an earthquake risk. This building was the bank's former headquarters and still bore the old name "New Plymouth Savings Bank".

Sponsorship

TSB Bank sponsors a number of organisations and has naming rights to many of them. Some of these include:

Ownership

Ownership of TSB Bank remains vested in the TSB Community Trust,[16] with all profits staying in New Zealand. The most recent dividend paid by the Bank to the Trust was more than $10million.[17]

References

  1. ↑ "TSB Realty".
  2. ↑ "Trustee Banks Restructuring Act 1988". Knowledge Basket.
  3. ↑ "Trustee Banks Restructuring Act Repeal Act 1999". New Zealand Legislation. New Zealand Government. Retrieved 11 January 2014.
  4. ↑ "Our Story". TSB Bank.
  5. ↑ Anthony, John (21 August 2012). "Shift to Online Banking Spells End for Branch". Taranaki Daily News.
  6. ↑ Strongman, Susan (20 June 2014). "Merrilands TSB Bank branch to close". Taranaki Daily News.
  7. ↑ "TSB Bank's City branch to close". www.tsbbank.co.nz. TSB Bank. Retrieved 5 December 2014.
  8. ↑ "Introducing the TSB Bank Wallace Arts Centre". City Scene. 29 March 2009. p. 1. Retrieved 2009-04-07.
  9. ↑ "Takapuna Bowls".
  10. ↑ "Omanu Beach Surf Life Saving Club".
  11. ↑ "TSB Bank Festival of Lights".
  12. ↑ "Surf Festival".
  13. ↑ "New Plymouth Event Venues". New Plymouth District Council.
  14. ↑ "TSB Showplace". New Plymouth District Council.
  15. ↑ "TSB Bank Arena". Positively Wellington.
  16. ↑ "TSB Trust".
  17. ↑ "Annual Report 2009" (PDF). TSB Community Trust.
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