Taranaki residents have been given an extended window to voice their opinions on the proposed $620 million sale of TSB Bank.
The Toi Foundation has officially reopened its public consultation on the merger with Heartland Bank, pushing the final deadline to August 12th.
The charitable trust restarted the process after admitting it miscalculated the original submission timeframe by a single day.
The new feedback window began on Friday, 10 July, with a formal public notice published on Tuesday, 14 July.
Under the foundation's Trust Deed, the submission period must remain open for a full 28 days following the final publication of that notice, setting the official closing date for Saturday 12 August 2026.
Toi Foundation was alerted to the error by the newly formed Taranaki Community Accountability Society.
In a letter to the foundation, Auckland-based law firm Foy & Halse pointed out, on behalf of the Society, that the original deadline of 30 June fell on the 27th day of the required period.
The lawyers argued this curtailed the submission window by more than 31 hours and demanded the Foundation publish a fresh notice.
Toi Foundation chair Chris Ussher publicly apologised for the oversight. He confirmed the mistake related to how the start and close times were counted, as the original period mistakenly began on the day the official public notice was issued rather than the following day.
"On review, it closed a day earlier than it should have done and we apologise unreservedly," Ussher said. He added that reopening the consultation ensures the process remains fair, transparent and fully compliant.
Before the premature closure on 30 June, the Foundation had received 1,203 written submissions.
Toi Foundation have assured the public that all existing feedback will remain included, and people who have already submitted their views do not need to resubmit.
The proposed transaction would see the Toi Foundation sell its 100% stake in TSB Bank to Heartland Group Holdings. In return, the foundation would receive a mix of cash, debt and an approximate 17.5% equity stake in the newly merged entity, which would be called TSB Heartland Bank.
With the consultation extended, Heartland now expects Toi Foundation trustees to provide a final decision in August.
A planned Heartland shareholder meeting to vote on the transaction will have to be rescheduled, but the merger continues to target completion in December 2026 subject to a final decision by Toi trustees, Heartland shareholders and regulatory approval.
