Westland Savings Bank
Encyclopedia
Westland Savings Bank was one of 14 regional trustee savings banks operating in New Zealand. WSB was based on the West Coast
of the South Island
of New Zealand
. Formed as a savings bank under special banking legislation that separated savings bank
s from trading banks.
The bank operated for the good of its users. In exchange for an exclusive regional franchise the bank received a government guarantee against default (Killerby & Smith, 2001). The guarantee was in the form of a guarantee of the savings bank overdraft
at the Bank of New Zealand
Trustees of the bank were government appointed
Like the other New Zealand trustee savings banks, in 1997 the bank was corporatised, became a registered bank and the shareholding vested in a local community trust. The category of savings bank being abolished by in 1997
For a period the bank was known as Trustbank Westland after the individual savings banks that operated across the country created a network known as Trustbank. Trustbank Westland was eventually sold to Trustbank Auckland
and withdrew from the Trustbank alliance. The bank was eventually absorbed into ASB Bank
and the brand disappeared from the West Coast.
Like all of the savings banks and the Post Office Savings Bank
Westland Savings banks operated passbook
bank accounts and school banking programmes that involved students making regular deposits through schools. Westland Savings Bank's accounts were known as a "HIT Account".
West Coast, New Zealand
The West Coast is one of the administrative regions of New Zealand, located on the west coast of the South Island, and is one of the more remote and most sparsely populated areas of the country. It is made up of three districts: Buller, Grey and Westland...
of the South Island
South Island
The South Island is the larger of the two major islands of New Zealand, the other being the more populous North Island. It is bordered to the north by Cook Strait, to the west by the Tasman Sea, to the south and east by the Pacific Ocean...
of New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
. Formed as a savings bank under special banking legislation that separated savings bank
Savings bank
A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to...
s from trading banks.
The bank operated for the good of its users. In exchange for an exclusive regional franchise the bank received a government guarantee against default (Killerby & Smith, 2001). The guarantee was in the form of a guarantee of the savings bank overdraft
Overdraft
An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero. In this situation the account is said to be "overdrawn". If there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft...
at the Bank of New Zealand
Bank of New Zealand
Bank of New Zealand is one of New Zealand’s largest banks and has been operating continuously in the country since the first office was opened in Auckland in October 1861 followed shortly after by the first branch in Dunedin in December 1861...
Trustees of the bank were government appointed
Like the other New Zealand trustee savings banks, in 1997 the bank was corporatised, became a registered bank and the shareholding vested in a local community trust. The category of savings bank being abolished by in 1997
For a period the bank was known as Trustbank Westland after the individual savings banks that operated across the country created a network known as Trustbank. Trustbank Westland was eventually sold to Trustbank Auckland
ASB Bank
ASB is a New Zealand bank owned by the Commonwealth Bank of Australia, which is listed on the Australian Stock Exchange. It is one of the largest New Zealand banks, with branches throughout the country. It operates BankDirect, a branchless banking service that provides service via phone, Internet,...
and withdrew from the Trustbank alliance. The bank was eventually absorbed into ASB Bank
ASB Bank
ASB is a New Zealand bank owned by the Commonwealth Bank of Australia, which is listed on the Australian Stock Exchange. It is one of the largest New Zealand banks, with branches throughout the country. It operates BankDirect, a branchless banking service that provides service via phone, Internet,...
and the brand disappeared from the West Coast.
Like all of the savings banks and the Post Office Savings Bank
PostBank
PostBank was the trading name of the Post Office Bank Limited, a bank owned by the New Zealand Government. PostBank was formed when the New Zealand Post Office was split up by the Postal Services Act 1987 into Post Office Bank Ltd , New Zealand Post Ltd and Telecom Corporation of New Zealand...
Westland Savings banks operated passbook
Passbook
A passbook or bankbook is a paper book used to record bank transactions on a deposit account. Depending on the country or the financial institution, it can be of the dimensions of a chequebook or a passport....
bank accounts and school banking programmes that involved students making regular deposits through schools. Westland Savings Bank's accounts were known as a "HIT Account".
Branches
- GreymouthGreymouthGreymouth is the largest town in the West Coast region in the South Island of New Zealand, and the seat of the Grey District Council. The population of the whole Grey District is , which accounts for % of the West Coast's inhabitants...
- Reefton
- MurchisonMurchison, New ZealandMurchison is a town in the Tasman Region of the South Island of New Zealand. It is near the western end of the "Four Rivers Plain", at the confluence of the Buller River and the Matakitaki River...
- Hokitika
- NelsonNelson, New ZealandNelson is a city on the eastern shores of Tasman Bay, and is the economic and cultural centre of the Nelson-Tasman region. Established in 1841, it is the second oldest settled city in New Zealand and the oldest in the South Island....