Retiring People First Bank CEO Peter Lock (L) and successor Steve Laidlaw
Steve Laidlaw, the deputy CEO, will succeed Peter Lock as CEO of People First Bank on 1 July.
Before the merger, Laidlaw was managing director and CEO of People’s Choice, a position he held since 2016.
Peter Lock will retire from People First Bank on 31 August after nearly nine years leading the organisation and Heritage Bank.
“The business is performing well, and the integration is ahead of expectations” the bank said in a media release yesterday.
“These changes reflect our merger commitments to ensure a smooth transition through the merger of Heritage Bank and People’s Choice and now the creation of People First Bank,” said Michael Cameron, the bank’s chair.
“I extend my gratitude to Peter for his leadership and dedication to our members as our inaugural CEO. Peter leaves People First Bank with a strong balance sheet, deposit and lending growth that is outperforming the market, high customer satisfaction and a clear plan for the future.”
“I congratulate Steve on his appointment and am excited about the future under his leadership.”
On APRA date for April 2024, People First Bank had $27 billion in assets, a rise of 5 per cent over a year and in line with system.
Deposit growth of more than 10 per cent over a year is well in excess of system.
In accordance with the company’s constitution that was approved as part of the merger, the board will be reducing in size from twelve to eight directors.
Kerry Betros, the former chair of Heritage Bank, and Georgina Williams will retire at this year’s AGM on 14 November, with two more directors retiring at next year’s AGM.