Taranaki residents have until 5pm on Tuesday 30 June to make submissions on the proposed $620 million merger between TSB and Heartland Bank.
Closing in less than 48 hours, the month-long feedback window is a mandatory requirement under the Toi Foundation trust deed before trustees can vote on selling its 100% stake in the bank.
Under the conditional agreement, the two institutions would combine to form TSB Heartland Bank, creating New Zealand's seventh-largest bank with roughly $15 billion in domestic assets.
Toi Foundation would receive a combination of cash, debt capital and a 17.5% ordinary shareholding in Heartland Group Holdings.
Heartland confirmed via an NZX announcement on 15 June that initial due diligence was complete and warranty insurance conditions had been satisfied.
Toi Foundation chair Chris Ussher stated the merger offers a strong future for the region.
Ussher said the deal ensures TSB maintains a significant operational presence in Taranaki while allowing the foundation to diversify its investment portfolio and boost local philanthropic grants.
Official merger fact sheets outline intentions to retain customer-facing roles, local branches and the existing New Plymouth contact centres.
Despite these assurances, the proposal has generated substantial public discussion and opposition.
Initial criticism targeted the consultation process itself, after the foundation announced just three public meetings scheduled during office hours, with RSVPs required by 5pm the following day.
Toi Foundation later responded to community frustration by scheduling two additional after-hours meetings to ensure broader access.
Widespread community concern has centred on the loss of local ownership for the historic institution.
New Plymouth District Councillor Gordon Brown launched a "Save The Bank" petition, which has gathered more than 5,000 signatures online and physical paper sheets distributed throughout the region.
New Plymouth Mayor Max Brough presented a letter to trustees during the second New Plymouth public meeting, calling for a pause on the transaction to allow time to investigate alternative options.
Mayor Max followed this by hosting an independent community meeting on Thursday 25 June, receiving formal backing from the New Plymouth District Council to advocate on behalf of the public.
Following Toi Foundation’s Tuesday deadline for public consultation, trustees will evaluate the feedback before an internal vote in July, ahead of a scheduled Heartland shareholder vote on 31 August.
Which brings us to today’s Discussion of the Day:
Have you made a submission to Toi Foundation on the proposed TSB & Heartland Bank merger? Are you for or against the proposal?









