MyState Limited is an Australian financial group, headquartered in Hobart, Tasmania. 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 to rename itself to MyState Bank.
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MyState Limited consists of
- MyState Bank (including The Rock - A division of MyState Bank, and the MyState Foundation)
- Tasmanian Perpetual Trustees
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History
MyState was founded as a Credit Union in Tasmania, 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, demutalising at the same time to list on the ASX.
Source of the article : Wikipedia
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