- Adelaide Bank
The Adelaide Bank was a publicly listed regional
bank with its head office in the state ofSouth Australia . Since30 November 2007 it is a wholly-owned subsidiary ofBendigo Bank (asx|BEN) and Adelaide Bank shares are no-longer quoted on the ASX. [http://www.adelaidebank.com.au//about_adelaide_bank/merger.html Adelaide Bank Merger Update] ] Adelaide Bank was established on1 January 1994 from the Co-operative Building Society of South Australia Limited, which wasAustralia 's largestbuilding society . The building society was established at the turn of the20th Century .In
1990 , the building society's asset base passed the $1 billion mark and since its establishment as a bank, the bank's base assets has surpassed $2 billion. The bank's assets currently exceed $23 billion and are found throughout Australia, with 75% of assets found outside of South Australia. The bank generates over 3% of the national mortgage loan approval, or $700 million a month and is one of Australia's biggest margin lenders.On August 9th 2007, the Adelaide Bank agreed to merge with the larger
Bendigo Bank .On November 12th 2007, ~98% of the Adelaide Bank Ordinary Shareholders voted their support for the merger. The Federal Court’s then approved the merger on Friday, 16 November and the implementation date of the merged bank was Friday, 30 November.
In March
2008 will be the bank is now officially changed to "Bendigo and Adelaide Bank Limited".Namesake
This bank is not to be confused with the
Bank of Adelaide which got into financial difficulty in the 1970s and was taken over by theANZ Bank .References and External Links
* [http://www.adelaidebank.com.au/ Adelaide Bank]
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