Trustee Savings Bank Zones Enlarged

Press, Volume CIII, Issue 30531, 28 August 1964, Page 1

Trustee Savings Bank Zones Enlarged

(From. Our Own Reporter) WELLINGTON, August 27. The enlargement of the zone in which the Canterbury Trustee Savings Bank may operate after October 1 will raise the population which can deposit with the bank from under 250,000 to about 360,000.

It will include the Nelson and Marlborough areas and all of Canterbury as far south as the northern boundary of the Ashburton County.

The Minister of Finance (Mr Lake) today disclosed areas for trustee bank zones which are extended from the present 25mile limit under the Trustee Savings Bank Bill, effective from October 1.

The Canterbury bank, in its two years has accumulated deposits of £5,625,000, from an area about 1000 square miles. It. will be able to extend its branches over more than 20,000 square miles. The president of the bank (Mr M. A. Connelly, M.P.) said tonight the bank was already looking at staff and premises, particularly in Nelson and Blenheim. It is also planning to take an early look at smaller towns to ascertain the demand for savings facilities; as soon as this is apparent and the resources of the bank allow, branches wil be established. The main towns and areas concerned are Picton, Takaka, Kaikoura, Motueka, Hanmer Springs, Oxford. Leestbn, and Dunsandel. At the same time, the bank is hoping to extend and establish branches in other parts of its present zone.

It already has Christchurch, Riccarton, Sydenham, Rangiora and Kaiapoi branches in addition to its head office and mortgage department. Other districts in which branches may be established are Papanui, Hornby, New Brighton,. Woolston, Halswell, Lyttelton, Fendalton and Bishopdale. Mr Connelly said the increase in deposits during July by £500,000 was a sign of public approval of the bank at a time when the establishment of private savings banks was threatened.

The Canterbury bank this week made its first allocation of profits since it began on August 1, 1962. The board will be increased to 10 members. Two new members will probably be from Nelson and Marlborough. “With the increased area we would expect to reach £lO million in deposits in three years,” said Mr Connelly. Westland Extension The Westland Trustee Savings Bank, which has been pursuing a conservative expansion policy in recent years, will now have the opportunity to extend its interests throughout Westland and Grey counties. The South Canterbury bank, based at Timaru, will also have its zone extended to include all of the Ashburton,

Geraldine, Levels, Mackenzie and Waimate counties. This will mean a population of more than 70,000 in its zone.

“This will really allow us to stand on our own feet,” said a trustee of the bank (Sir Basil Arthur, M.P.) tonight. The South Canterbury bank began operations on July 14 and has a staff of four. It is now expected to give priority to a branch at Ashburton, but it is already exploring the possibilities of branches at Temuka and Geraldine. Its board will be increased from seven to 10. probably including Ashburton representation.