Why are customer-owned banks merging?

Two big mergers are slated to happen soon - Heritage and People's Choice, and Newcastle Permanent and Greater Bank. So why is this happening?

Guide to Greater Bank’s home loans

Established in 1924 as the Newcastle and Hunter River Public Service Starr-Bowkett Building Co-operative Society Limited, 'Greater Bank' rolls off the tongue a little better.

Greater Bank introduces two sub-2% home loans

Today Greater Bank introduced two home loans under the 2.00% p.a. advertised rate barrier for owner-occupiers, with both being fixed for one year.