Adelaide Bank

 

Adelaide Bank is one of Australia's newer regional banks, having been formed on 1 January 1994, from what was the nation's largest building society, the Co-Operative Building Society of South Australia Limited. While the history of the organisation goes back to the turn of the century, greatest growth and diversity has come since Bank conversion. The organisation's asset base exceeded the $1 billion mark for the first time in 1990, and had grown to in excess of $2 billion by Bank conversion, with the great majority of those assets held within its home state of South Australia.Adelaide Bank's asset base now exceeds $26 billion and loan approvals regularly top $700 million a month throughout Australia - representing over 3% of national mortgage loan approvals - a far cry from the 0.5% at the time of bank conversion.

Importantly, Adelaide Bank has diversified the geographic spread of its asset base. Today more than 75 per cent of Adelaide Bank's loans are outside of South Australia, with more than 80 per cent of new lending coming from outside the state.

At the same time it is one of Australia's largest margin lenders.

On 30 November 2007, schemes of arrangement between Adelaide Bank and Bendigo Bank were implemented, and this act completed the merger of the two banks.

The new company forged from the merger became known as Bendigo and Adelaide Bank Limited on 31 March 2008, and Adelaide Bank is now a wholly-owned subsidiary of this company.

The formation of Bendigo and Adelaide Bank Limited marks an exciting new era for Adelaide Bank customers, partners, staff, and the community, and all will benefit from the increased strength and diversity this new financial institution is able to offer.

 

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