23 Nov 2010

Investors to vote on merger plans for Heartland Bank

1:03 pm on 23 November 2010

Plans for a merger that will eventually create the Heartland Bank will be voted on by investors this week.

Marac PIE fund unit holders on Tuesday voted in favour of merging with Southern Cross Building Society and Canterbury Building Society (CBS).

Southern Cross Building Society investors voted in favour of the merger on Monday.

But a meeting of Marac Finance stockholders failed to reach the required quorum and has been adjourned until 1 December.

Pyne Gould Corporation owns Marac Finance and its chief executive, Jeff Greenslade, says the company is still confident it will gain investor approval.

Mr Greenslade says the short-term delays to gaining investor approval will not defer the date of the merger in February.

CBS shareholders will hold a meeting in Ashburton on Wednesday, while Pyne Gould Corporation shareholders and CBS depositors will hold meetings in Christchurch and Ashburton on Friday.