The Rock in plan to merge
THE Rock Building Society Limited chairman Stephen Lonie says the company will be “stronger and better” after announcing a proposed merger with Tasmania's largest financial group MyState Limited yesterday.
The merger requires the approval of The Rock's shareholders and will enable the combined group to leverage MyState's strong retail business model.
Through broader product and service offerings and more extensive distribution networks The Rock will be able to achieve increased scale. Mr Lonie stressed the importance of both companies retaining their separate, distinct identities.
“The Rock will still be The Rock, but stronger and better,” Mr Lonie said.
“Importantly for Central Queensland customers, shareholders and the wider community, The Rock brand will be retained.”
The Rock's head office will continue to be in Rockhampton, and day-to-day operations will be undertaken by a locally-based team.
The Rock's branch and mini-branch network will also continue to provide banking services across regional Queensland and interstate, with plans to increase investment in this network and The Rock brand.
Mr Lonie said despite the tough economic conditions of the past few years The Rock had maintained a strong balance sheet, grown the business and provided great service to customers.
The Rock Merger
The Rock is proposing a merger with MyState Limited.
Shareholders will receive 7.75 MyState shares for every 10 The Rock shares they hold.
Based on the current market, shares will be valued at $2.71.