HBS Bank eyes full service launch

The new HBS Bank believes the launch of its full range of services will drive up deposit rates, says SBS Bank CEO Ross Smith.
Hastings Building Society has officially merged with SBS Bank and trades as HBS Bank in Hawke's Bay.
"While rates have been very, very positive, they have not grown at quite the rate we had expected," Mr Smith told Hawke's Bay Today.
In Southland there had been a very high rate of new funds deposited when Southland Building Society became SBS Bank.
"But I am sure the situation will improve once the full range of banking services become available next year," he said.
Full banking services such as cheque accounts, insurance products, debit cards, telephone and internet banking would be available by February, he said.
"We have people constantly in Hawke's Bay for the training and the integrating process."
"We are trying to understand each other's cultures, but we are very similar anyway."
The mutually-owned bank had so far fulfilled its promises regarding post-merger arrangements, promises which had won it 98 per cent approval for the merger from HBS members at the end of August.
A Members Council had been formed from previous board members to oversee the interests of HBS members during the final stages of the merger.
"They will have a conduit to all levels of management," said Mr Smith.
Former HBS director Frank Spencer had been appointed to the SBS board as part of the merger agreement. "Seeing HBS become part of a registered bank was the ultimate goal which, because of the small size of the Hawke's Bay institution, was only available through a merger," said Mr Spencer.
"It was challenging to try and visualise the future and make sure that we had a plan for HBS that was going to be taken on board by our members.
"The most exciting part has been working with the team at SBS Bank and seeing how aligned the values and cultures are of both organisations.
"The transition to become HBS Bank is such a big step forward, it's the pot of gold at the end of the rainbow really and I know all of our members and our team in the Bay are looking forward to an exciting and successful future."
Mr Spencer said a new branch was planned in Havelock North within 12 months and the Napier branch might move if suitable premises could be found.
Mr Smith said the HBS brand would be around for as long as Hawke's Bay people wanted it to be.
"The wishes of local members are very important to us," he said.
Mr Smith was in Hawke's Bay last week to address an investor's evening and meet HBS staff.