New Plymouth District Councillors have thrown their support behind Mayor Max, voting to allow him to continue advocating to Toi Foundation over the proposed TSB Bank and Heartland Bank merger.
The successful motion, passed at today's council meeting, enables the mayor to advocate on behalf of the community. The motion states the main aim of this advocacy is to ensure community viewpoints are given sufficient weighting, and "consideration given to wider factors than financial return."
The endorsement does not signal an official council stance or opinion on the commercial merits of the proposed transaction itself. It also protects ratepayers by explicitly noting that the support does not commit the council to any financial contributions, investment or due diligence costs.
Elected members showed strong support, passing the motion with a clear majority.
Nine members voted in favour, including Mayor Max and Councillors Vosseler, EJ, Chong, Fabish, Moeahu, George, Chard, and Brown.
Councillor Woodward cast the lone opposing vote.
Councillors Fox and Bublitz chose to abstain, while Councillors Blackburn and Bennett excluded themselves from discussions and voting on the matter due to declared conflicts of interest.
The council backing comes as Mayor Max steps up efforts to gather community feedback. He has called a public meeting for tomorrow (Thursday) 5:30pm at the Plymouth International Hotel to hear local perspectives.
Toi Foundation, which holds 100% of shares in TSB, announced the conditional merger implementation agreement with Heartland Group on June 3, 2026.
If the $620 million deal proceeds, the two institutions will merge to form TSB Heartland Bank Limited, with the foundation retaining a 17.% shareholding in the merged entity.
Toi Foundation’s four week consultation on the proposal is currently open and will close at 5pm on Tuesday, June 30.
