Greater Bank

Greater Bank

Formerly called	Greater Building Society
Type	Mutual bank
Industry	Banking and financial services
Founded	1945 (1945)
Headquarters	Hamilton, New South Wales, Australia
Number of locations	59 branches
Key people	Wayne Russell (Chairman), Scott Morgan (CEO)
Products	Retail Banking
Website	www.greater.com.au

Greater Bank is an Australian customer-owned bank and mutual financial institution headquartered in Hamilton, New South Wales. Previously known as the Greater Building Society, or simply "The Greater”, it provides services to customers in New South Wales and southeast Queensland through branches, mobile lenders, its own ATM network, access to the Westpac^[1] ATM network, Internet and mobile banking, and a Newcastle-based customer service call centre.

The Bank is licensed by the Australian Securities and Investments Commission,^[2] is an Australian Prudential Regulatory Authority-approved and authorised deposit-taking institution,^[3] and is a member of the Customer Owned Banking Association (COBA).^[4] In 2013, the Bank was named Building Society of the Year for customer satisfaction by Roy Morgan Research, as judged by more than 50,000 consumers and 22,000 business decision-makers.

History

In 1924, Mr FW Lean and Mr KA Mathieson Snr formed the Newcastle and Hunter River Public Service Starr-Bowkett Building Cooperative Society Ltd, a Starr-Bowkett society, in response to unemployment and economic depression in Newcastle, New South Wales. By providing interest-free home loans to members, the society provided an opportunity for home ownership at a time when low wages and high rent otherwise made it impossible for many.

In 1945, the Greater Newcastle Cooperative Permanent Building and Investment Society, a building society, began with a single office. In 1946, the company’s assets were £11,000.

In 1968, the Bank expanded beyond the borders of the Hunter, opening its first Central Coast branch in Gosford. The Bank’s first Sydney branch in Penrith opened its doors in 1972, and their first Illawarra branch at Warrawong opened in 1973.

In 1980 the Bank expanded north to the New South Wales North Coast, establishing branches at Ballina and Coffs Harbour. In 2003, Greater Bank established its first Gold Coast branch at Robina.

The Bank has also completed a number of mergers over the years. In 1998 the Bank merged with the Mitchell Building Society of Central Western NSW, and in 2011 the Bank merged with ABS Building Society of Armidale.^[5]

As of 2014 the Bank’s assets top $5 billion.^[6]

Operations

Directors:

• Wayne Russell - Chairman
• Scott Robinson - Deputy Chairman
• Roger Cracknell
• Malcolm McDonald
• Jayne Drinkwater
• Russell Ware

Management:

• Scott Morgan - CEO^[7]
• Greg Taylor - Deputy CEO

Advertising

In 2010, Australian marketing guru John Dwyer^[8] tempted actor Jerry Seinfeld out of retirement, to be spokesman for the Bank. Seinfeld had only ever lent his name to two marketing campaigns; American Express and Microsoft. Seinfeld starred in the company’s advertising campaigns for three years. The comedian’s tenure as spokesperson for the Bank marked a rise in brand awareness both locally and nationally.^[9]

Charity

The Bank established The Greater Charitable Foundation in 2011. The Foundation partners with Australian-based charitable organisations throughout the Bank’s area of operations with a goal of improving life outcomes and supporting families and communities.

The Foundation was established with an initial allocation of $1 million by the Bank on behalf of its members and staff. The Bank continues to fund the Foundation from its profits on an ongoing basis, and the Foundation is governed by an independent Board of Directors. A key platform of the Foundation’s activities is the involvement of the Bank's staff in funded projects through volunteering and pro bono assistance.^[10]

References