Cooperative Bank is a registered bank based in New Zealand. It provides day-to-day banking, deposits, savings, loans, insurance and small business banking across the country.

Cooperative Bank was originally established in 1928 as the Public Service Investment Association and subsequently changed its name to PSIS, becoming a registered bank in October 2011.

As a cooperative, the bank is owned by its customers and its main purpose is to benefit its customers. In July 2019 Cooperative Bank paid its customers a surplus profit of $2.10 million. Since 2013, it has repaid more than $12 million to its members.

History

• 1928: Established, formerly known as the Public Service Investment Association, to borrow money from civil servants when others were unwilling to do so
• 1979: Entered statutory management on June 28
• 1987: Statutory management ended in October
• 1993: Registered under Companies Act 1993
• 1996: Registered under the Co-operative Companies Act 1996
• 1998: Name abbreviated to PSIS
• 2002: CEO John Price resigned
• 2003: Girol Carla Kauoglu appointed CEO
• 2006: Total assets exceed NZ $1 billion in May
• June: PSIS announces it will pay a dividend
• October: Renamed Co-operative Bank and registered as a bank by the Reserve Bank of New Zealand
• January 2012: Girol Karakauoglu resigns and Sir David Gascoigne (Chairperson) retires.
• April: Steven Fyfe is named chairperson.
• June: Bruce McLachlan is named CEO.
• 2014: Frans Kruger and Bruce McLachlan (CEO) open a branch on Queen Street in Auckland on November 17. Frans Kruger becomes its first branch manager.
• 2017: Bruce McLachlan (CEO) resigns and Chief Financial Officer Gareth Fleming is named acting CEO.
• May: David Cunningham is named CEO.

Organization Membership

• New Zealand Cooperative Enterprise (Inc)
• New Zealand Financial Services Federation (Inc)
• New Zealand Association of Savings Institutions