Shares in the newly-formed Building Society Holdings fell in their first day of trading on the stock exchange.
The company was established through the merger of CBS Canterbury, Southern Cross Building Society and Marac Finance, and eventually plans to become a $2.2 billion bank.
Managing director Jeff Greenslade says a banking license should be filed this year, although he doesn't know how long it will take to be approved.
Mr Greenslade says in the meantime, the company wants to focus on building its commercial and community banking.
He says the company will make a decision about its name and branding shortly, but it is using Heartland Bank as a working title in the meantime.
Building Society Holdings shares opened at 95 cents and last traded on Monday at 88 cents.
