Adelaide Bank
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The Adelaide Bank was a publicly listed regional bank with its head office in the state of South Australia. Since 30 November 2007 it is a wholly-owned subsidiary of Bendigo Bank (ASX:BEN) and Adelaide Bank shares are no-longer quoted on the ASX.[1] Adelaide Bank was established on 1 January 1994 from the Co-operative Building Society of South Australia Limited, which was Australia's largest building society. The building society was established at the turn of the 20th Century.
In 1990, the building society's asset base passed the $1 billion mark and since its establishment as a bank, the bank's base assets has surpassed $2 billion. The bank's assets currently exceed $23 billion and are found throughout Australia, with 75% of assets found outside of South Australia. The bank generates over 3% of the national mortgage loan approval, or $700 million a month and is one of Australia's biggest margin lenders.
On August 9th 2007, the Adelaide Bank agreed to merge with the larger Bendigo Bank.
On November 12th 2007, ~98% of the Adelaide Bank Ordinary Shareholders voted their support for the merger. The Federal Court’s then approved the merger on Friday, 16 November and the implementation date of the merged bank was Friday, 30 November.
In early 2008 there will be a shareholder vote on whether to change the name of the bank to Bendigo and Adelaide Bank Limited[1]
[edit] Namesake
This bank is not to be confused with the Bank of Adelaide which got into financial difficulty in the 1970s and was taken over by the ANZ Bank.
[edit] References and External Links
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