Adelaide Bank
Encyclopedia
The Adelaide Bank was a publicly listed regional bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

 with its head office in the state of South Australia
South Australia
South Australia is a state of Australia in the southern central part of the country. It covers some of the most arid parts of the continent; with a total land area of , it is the fourth largest of Australia's six states and two territories.South Australia shares borders with all of the mainland...

. Since 30 November 2007 it is a wholly owned subsidiary of Bendigo and Adelaide Bank
Bendigo Bank
Bendigo Bank is an Australian financial institution, operating primarily in retail banking. The company merged with Adelaide Bank in November 2007, with shareholders voting in March 2008 to change the merged company’s name to Bendigo and Adelaide Bank Limited.Before the merger, Bendigo Bank...

  and Adelaide Bank shares are no-longer quoted on the ASX. Adelaide Bank was established on 1 January 1994 from the Co-operative Building Society of South Australia Limited, which was Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...

's largest building society
Building society
A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially mortgage lending. These institutions are found in the United Kingdom and several other countries.The term "building society"...

, and Hindmarsh Building Society. The Co-op building society was established at the turn of the 20th Century.

In 1990, the building society's asset base passed the $1 billion mark and since its establishment as a bank, the bank's base assets has surpassed $2 billion. The bank's assets currently exceed $23 billion and are found throughout Australia, with 75% of assets found outside of South Australia. The bank generates over 3% of the national mortgage loan approval, or $700 million a month and is one of Australia's biggest margin lenders.

On 9 August 2007, the Adelaide Bank agreed to merge with the larger Bendigo Bank
Bendigo Bank
Bendigo Bank is an Australian financial institution, operating primarily in retail banking. The company merged with Adelaide Bank in November 2007, with shareholders voting in March 2008 to change the merged company’s name to Bendigo and Adelaide Bank Limited.Before the merger, Bendigo Bank...

.

On 12 November 2007, ~98% of the Adelaide Bank Ordinary Shareholders voted their support for the merger. The Federal Courts then approved the merger on Friday, 16 November and the implementation date of the merged bank was Friday, 30 November.

In March 2008 the merged bank officially changed its name to Bendigo and Adelaide Bank Limited.

Namesake

This bank is not to be confused with the Bank of Adelaide
Bank of Adelaide
The Bank of Adelaide was founded in 1865 in Adelaide, the capital of South Australia. It was incorporated by an act of the Parliament of South Australia. It was taken over in 1979 by ANZ, and merged into that organisation, after bailing out a subsidiary finance company that had lent too much to...

 which got into financial difficulty in the 1970s and was taken over by the ANZ Bank
ANZ Bank
The Australia and New Zealand Banking Group Limited , commonly called ANZ, is the fourth largest bank in Australia, after the Commonwealth Bank, Westpac Banking Corporation and the National Australia Bank. Australian operations make up the largest part of ANZ's business, with commercial and retail...

.
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