Toi Foundation Trustees have agreed, and decided to proceed with the proposed sale of the Foundation’s shares in TSB to Heartland Group Holdings, to enable the merger of TSB and Heartland Bank.

The decision follows a community submissions process where the Foundation received 1,159 submissions from Taranaki residents in the first submission period and 108 in the second.
Trustees read and considered every submission and sought additional independent and expert advice where necessary, particularly where submitters put forward alternative proposals. In reaching their decision, Trustees considered all eligible submissions alongside the independent and expert advice received and the Foundation’s Trust Deed.
Some submissions provided detailed perspectives that helped Trustees test the proposal and consider whether any matters had not previously been considered or given appropriate weight.

Trustees recognise how much TSB means to Taranaki and have taken their responsibilities in making this decision seriously.
After considering all the information available, Trustees believe proceeding is the best long-term decision for Toi Foundation, the Taranaki community and TSB.

The decision allows the proposed sale to move to the next stage. Further approvals and implementation steps are still required before any sale could be completed.

The Trustees thank everyone who took the time to make a submission, attend information meetings, ask questions or share their views.