SBS Bank celebrates 140 Years

MEDIA RELEASE
20 March 2009

SBS Bank celebrates 140 Years

The giant cakes are out and more than 250 staff, executive and directors are celebrating with their valued members as SBS Bank officially marks its 140th birthday on Monday. (NB: 23 March)

Opened in Invercargill in 1869, the iconic SBS Bank has navigated its way through a great depression, two world wars and numerous bouts of economic turmoil with great success and no small amount of style to now operate branches throughout the country.

SBS Bank chief executive Ross Smith said the success and longevity of SBS Bank was a tribute to the hundreds of people who have worked for the organisation during its history and generations of member support.

“Traditional values have always been fundamental to our success, along with our mutual ownership. We also recognise the importance of protecting our members’ assets through prudent business management, professional service and commitment to our people and their communities,” Mr Smith said.

In October last year, SBS Bank made history by becoming the first and only building society in New Zealand to gain bank registration without changing its mutual structure. This means SBS Bank continues to be owned by its customers and has no foreign-based, shareholders drawing away profits.

“It is interesting to be New Zealand’s newest community bank and celebrating our 140th birthday at the same time, but our timing couldn’t have been better,” Mr Smith said.

“SBS Bank has increased member deposits by over $200 million since gaining bank registration, which is a real tribute to the status and credibility we hold in the country’s financial markets. We were one of the first banks accepted by Treasury under the Crown Deposit Guarantee and have led the way in driving floating mortgage rates down.”

“While any economic downturn brings with it economic challenges, SBS Bank remains in good heart and is well positioned to meet and beat these tough economic times,”

SBS Bank chairman Acton Smith said celebrating 140 years and the achievements that had been accomplished during that time was proud testament to the stability, reliability and prudence of SBS Bank.

“Our 140th is a particularly significant milestone considering SBS Bank was totally reliant upon Southlanders’ traditional values and proud independence in 1991 when they voted to save our iconic institution from being sold to foreign interests.

“I was one of the small defence team of five parochial Southlanders and we had very limited resources to fight off the challenge however, we shared with our members a passion for this great organisation and a genuine belief that the grand old lady had a successful future,” Mr Smith said.

“All five of the defence team ultimately became directors and we have found the experience of being part of the ongoing growth and development of SBS Bank hugely rewarding, particularly in the last year by picking up our bank registration.”

Mr Smith said SBS Bank has around 250 community sponsorships of all sizes and values and was passionate about each and every one of them.

“The strength of our communities is built on the foundation of its people, their pride and their drive to get hands-on and active in day-to-day society. We all enjoy working for a New Zealand-owned bank that has a rich heritage of being active in its community and this is something that won’t change!”

ENDS

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