Greater Bank

In 1924, Mr F.W. Lean and Mr K.A. Mathieson Snr formed the Newcastle and Hunter River Public Service Starr-Bowkett Society Building Co-operative Society Limited that provided interest-free home loans to their members, who each bought shares and made weekly contributions to the society. A lottery would then determine which member received the loan. The average lifespan of these terminating societies was 30 years.

This would be the foundations of what would become The Greater Newcastle Co-operative Permanent Building and Investment Society in 1945.

In 1968, the building society started to expand beyond its traditional Hunter, boundaries, opening a branch in Gosford on the Central Coast. By 1993 the branch network operated from the Illawarra region on the South Coast, out to the Central West and New England Regions and through to the North Coast of NSW.

It was at this time that “Newcastle” was dropped from its name to better reflect the breadth of communities it served.

In 2003, Greater Building Society’s operations expanded into Queensland with the establishment of a Gold Coast branch at Robina.

In 2010, Australian marketer John Dwyer[6] 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.[7]

In May 2016, after receiving approval from the Australian Prudential Regulatory Authority (APRA), the society changed its name to Greater Bank. The ownership structure did not change, remaining as a mutual bank owned by customers, rather than shareholders.[8]

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.[9]

In 1998, Greater Building Society merged with the Mitchell Building Society of Central Western NSW, enabling it to establish a presence in the NSW Central West townships of Bathurst, Dubbo and Orange. The 2011 merger with ABS Building Society of Armidale[10] enabled the organisation to expand its reach in the New England Region.

Greater Bank’s most significant merger occurred in 2023 when it linked with Newcastle Permanent Building Society to form Newcastle Greater Mutual Group.

The merger was approved by members of both organisations who voted overwhelmingly in favour of the proposal at a special general meeting held on 2 November 2022.

APRA's approval of the merger in December 2022 provided the greenlight for the establishment of the $20 billion Newcastle Greater Mutual Group, which officially began operating 1 March 2023. In 2023, the group was ranked the 10th largest Australian-owned bank and the largest mutual by net assets and capital base.

The Greater Bank and Newcastle Permanent brands continue to service more than 500,000 customers.

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