TSB (New Zealand)

TSB Bank Ltd (originally known as the Taranaki Savings Bank) trading as TSB, is a New Zealand bank with headquarters in New Plymouth. It has 25 branches across the country but is heavily focused on the Taranaki region where 12 of its branches are located. As of June 2022, it was the seventh largest bank in New Zealand, with a market share in terms of assets of 1.4%.[1]

This article is about TSB Bank in New Zealand. For TSB Banks in other parts of the world, see TSB Bank.

TSB
TypeTrustee bank
Founded28 September 1850
HeadquartersNew Plymouth, New Zealand
Key people
Donna Cooper, CEO
ProductsBanking and financial services
Websitewww.tsb.co.nz

It provides retail banking and related financial services to individuals and companies. It was originally one of twelve trustee banks in New Zealand, but when nine banks decided to amalgamate as Trust Bank, TSB Bank stood aside and remained an independent institution and has since expanded its business across the country. The bank is owned by the Toi Foundation (formerly the TSB Community Trust) which distributes the income it receives from the bank back into the New Zealand community.

TSB also operates TSB Foreign Exchange from 14 branches around the country.

History

The New Plymouth Savings Bank was established in 1850 and received its first deposit on 28 September 1850 from Waitera te Karei with a deposit of £34. At the time the bank's accountant was paid an annual salary of £20, so the deposit was a considerable sum. Eight years later the bank fell under the auspices of the Savings Bank Act 1858 designed to regulate the savings bank market.

In 1921 a second branch was opened in Fitzroy, and a third in Waitara in 1946. In 1964 the first central Taranaki branch opened in Stratford, combined with a name change to Taranaki Savings Bank.

With the loosening of regulations on banking in the 1970s, the Bank's position was sufficiently sound for it to take maximum advantage of its new found freedom. In 1975, Taranaki Savings Bank was the first bank to offer free, interest-bearing cheque accounts and in 1981 the bank pioneered New Zealand's ATM Cashflow network with one ATM installed in each of the Hawera, Fitzroy, New Plymouth City and New Plymouth City Centre (now TSB Centre) branches.

In 1984 and again in 1986 the bank rejected the branding adopted by the other eleven trustee banks across New Zealand, and in 1988 when the trustee banks were corporatised under the Trustee Banks Restructuring Act 1988[2] the bank stood aside from the merger into a single Trust Bank, remaining (along with ASB Bank Ltd and Westland Bank) fiercely independent. The savings bank was vested as a limited liability company (under the name Taranaki Savings Bank Limited) on 9 September 1988, nine days after the other 13 trustee banks were vested in their successor companies.[3] In 1989 it changed its name to TSB Bank Ltd.[4]

Old logo used until 2017

The Frankleigh Park branch was closed in 2012,[5] the Merrilands branch on 25 July 2014,[6] and the City branch in October 2014.[7] The City branch building was 83 years old but assessed to be an earthquake risk. This building was the bank's former headquarters and still bore the old name "New Plymouth Savings Bank".

In addition to banking TSB Bank Ltd operated TSB Realty from about 1990, with three branches in Ōkato, Bell Block and New Plymouth. Bayleys Taranaki bought TSB Realty in October 2020.[8]

Sponsorship

TSB Bank sponsors a number of organisations and has naming rights to many of them. Some of these include:

Ownership

Ownership of TSB Bank remains vested in the Toi Foundation (formerly named TSB Community Trust,[15]) with all profits staying in New Zealand.

References
  1. Bank Dashboard
  2. "Trustee Banks Restructuring Act 1988". Knowledge Basket.
  3. "Trustee Banks Restructuring Act Repeal Act 1999". New Zealand Legislation. New Zealand Government. Retrieved 11 January 2014.
  4. "Our Story". TSB Bank.
  5. Anthony, John (21 August 2012). "Shift to Online Banking Spells End for Branch". Taranaki Daily News.
  6. Strongman, Susan (20 June 2014). "Merrilands TSB Bank branch to close". Taranaki Daily News.
  7. "TSB Bank's City branch to close". www.tsbbank.co.nz. TSB Bank. Archived from the original on 11 December 2014. Retrieved 5 December 2014.
  8. Ockhuysen, Stephanie (30 September 2020). "Bayleys Taranaki to take over TSB Real Estate in October". Taranaki Daily News.
  9. "Introducing the TSB Bank Wallace Arts Centre". City Scene. 29 March 2009. p. 1. Archived from the original on 21 September 2010. Retrieved 7 April 2009.
  10. "TSB Bank Festival of Lights".
  11. "Surf Festival". Archived from the original on 6 December 2014.
  12. "New Plymouth Event Venues". New Plymouth District Council.
  13. "TSB Showplace". New Plymouth District Council.
  14. "TSB Bank Arena". Positively Wellington.
  15. "TSB Trust".
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