Penny spent at Cairns thrift

A little-known industry relic from this week is trading under a simple new name: Cairns Bank.

The venerable but forever tiny Cairns Penny Bank has dumped 'Penny' from its name.

Founded at the close of the 19th century in the "thrift" variant of the building society tradition, this North Queensland institution remains resilient.

With less than A$10 million in net assets and $110 million in assets, Cairns Bank ranks among the smallest mutual ADIs.

It has a capital ratio near 20 per cent, at the top end of the industry range.

Its values may outlast the Penny label adopted in 1899. These include "loyalty … there is no higher honour than to be trusted. That's why we prioritise doing what is right for our customers above what is most profitable or easiest for us," the bank declares at its website.

"We are determined to continue to remain relevant by providing simple, straightforward and secure services to our customers," the chair, Michael Wenzel, wrote in last year's annual report.