Toi Foundation has entered into a conditional Merger Implementation Agreement with Heartland Group to give effect to the proposed merger, which is conditional on this consultation and other regulatory and shareholder approvals.
TSB and Heartland would amalgamate to form TSB Heartland Bank, a larger New Zealand challenger bank with a continued strong commitment to the Taranaki region, complementary products and services, and an improved long-term performance outlook.
The proposal aligns with Toi Foundation’s strategy to start diversifying its investment portfolio and grow philanthropic giving in Taranaki.
Toi Foundation has also completed its due diligence on the proposal. This is a standard commercial step in assessing a proposal of this kind. Completing this step does not change the proposal or pre-empt the consultation outcome.
No decision will be made by Toi Foundation until the trustees have genuinely considered the written feedback received from Taranaki residents through this consultation process.
Toi Foundation has re-opened the community consultation process on the proposed TSB / Heartland Bank merger / sale of TSB shares after being alerted that the initial 28-day consultation period mistakenly began on the day of the official public notice rather than the day following.
Toi Foundation chair, Chris Ussher, said that, upon being alerted, the trustees immediately reviewed the matter and decided to re-open consultation to ensure the process remains fair, transparent and fully compliant.
“The error relates to how the commencement and close time for the 28-day period was calculated. On review, it closed a day earlier than it should have done and we apologise unreservedly. Even though we had been accepting late submissions, we recognise the loss of time in the process may have meant people who wanted to submit were not able to.”
“We appreciate the community’s engagement in the process to date. We have received a wide range of submissions and continue to welcome the community’s feedback on the proposal. If you have already made a submission, it will remain included. You are not required to resubmit.”
The new consultation programme has the same objective as the first process – to listen to the feedback from eligible Taranaki residents.
Those who reside within the legislated boundary are invited to provide written feedback on this proposal. Please see our legislative boundary map here.
From the 10th July 2026, please use the feedback form provided below or download a Feedback Form.
Trustees have undertaken a significant programme of work to assess the proposal and the community impact.
The official closing date of the submission period will be published on the 14th July, 2026.
Obligations under the Trust Deed on Consultation
7.4 Sale or disposal of Bank Shares: The Trustees may, at any time, in accordance with a resolution passed by not less than 75% of the Trustees, sell or otherwise dispose of all or any of the Bank Shares, provided that:
- in voting on such a resolution, the Trustees must have regard to the effect of the sale or disposal on the community in the Specified Area of the Trust;
- before voting on any resolution where the sale or disposal of Bank Shares would result in the Trust relinquishing a controlling interest in the Bank, the Trustees must give the prescribed notice and consider any submissions received in response to that notice;
- before voting on any resolution where the sale or disposal of Bank Shares would not result in the Trust relinquishing a controlling interest in the Bank, the Trustees may, but are not required to, give the prescribed notice; and
- the prescribed notice referred to in paragraphs (b) and (c) must be published in one or more principal newspapers circulating in the Specified Area of the Trust and must:
- state that the proposed resolution approving the sale or disposal will required to be passed by not less than 75% of the Trustees;
- specify the details of the proposed sale or disposal;
- state that any person residing in the Specified Area of the Trust may, within 28 days after the last publication of the notice, make written submissions to the Trustees regarding the proposed resolution;
- provide details of the address to which submissions may be sent; and
- state the date of the last publication of the notice.