If you're with The Co-operative Bank you'll receive a payout today and residents in the Bay of Plenty can expect their share of more than $128,700.

More than 115,000 New Zealanders will receive a total payout of $2.1 million as The Co-operative Bank shares its annual rebate.

This brings the total amount of profits the bank has shared with its customers to more than $12m since 2013.

It comes in the wake of a recent brand refresh, designed to better reflect how as a Co-operative, they are a bank that can also be a little "unbanky" too.

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Chief executive David Cunningham said both initiatives signify the bank's commitment in delivering for its customers - who he said own the bank - and adapting to their changing needs.

The Co-operative Bank chief executive David Cunningham. Photo / Supplied
The Co-operative Bank chief executive David Cunningham. Photo / Supplied

"Sharing our success with the people that help us grow is not only the right thing to do, it also brings us joy to give back to New Zealanders and local communities nationwide.

"It's important for us to stay connected, approachable and relevant to our incredible customer community."

He said the new brand was a better reflection of the bank's core values, bringing to life its passion to make people's lives easier.

The remainder of the bank's annual profit is reinvested to fund continued growth, and to develop new products and services for its customers.