Westland Savings Bank

Westland Savings Bank

Westland Savings Bank was one of 14 regional trustee savings banks operating in New Zealand. WSB was based on the West Coast of the South Island of New Zealand. Formed as a savings bank under special banking legislation that separated savings banks from trading banks.

The bank operated for the good of its users. In exchange for an exclusive regional franchise the bank received a government guarantee against default (Killerby & Smith, 2001). The guarantee was in the form of a guarantee of the savings bank overdraft at the Bank of New Zealand [http://www.rbnz.govt.nz/research/bulletin/1997_2001/1998dec61_4grimes.pdf 'Liberalisation of financial markets in New Zealand'] Arthur Grimes, Institute of Policy Studies, Victoria University of Wellington, Wellington, 1998. Retrieved February 11, 2006.]

Trustees of the bank were government appointed

Like the other New Zealand trustee savings banks, in 1997 the bank was corporatised, became a registered bank and the shareholding vested in a local community trust. [ [http://www.nzier.org.nz/SITE_Default/SITE_Publications/x-files/416.pdf 'From competition to cohesion: the changing focus of economic development in New Zealand'] Paul Killerby and Joanna Smith, NZ Institute of Economic Research (Inc.) Wellington (2001). Retrieved February 11, 2006] . The category of savings bank being abolished by in 1997

For a period the bank was known as Trustbank Westland after the individual savings banks that operated across the country created a network known as Trustbank. Trustbank Westland was eventually sold to Trustbank Auckland and withdrew from the Trustbank alliance. The bank was eventually absorbed into ASB Bank and the brand disappeared from the West Coast.

Like all of the savings banks and the Post Office Savings Bank Westland Savings banks operated passbook bank accounts and school banking programmes that involved students making regular deposits through schools. Westland Savings Bank's accounts were known as a "HIT Account".

Branches

* Greymouth
* Reefton
* Murchison
* Hokitika
* Nelson

References


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