Merger Information, Heartland Building Society
On 5 January 2011, MARAC merged its business into Heartland Building Society as part of the merger of the banking and financial services activities of Southern Cross Building Society, CBS Canterbury and MARAC. Heartland Building Society is a wholly owned subsidiary of Heartland New Zealand Limited, which is the holding company for the merged group. For more information on the merged group go to www.heartland.co.nz.
What does the merger mean for MARAC Investors?
All secured debenture stock issued by MARAC Finance Limited (MARAC) became deposits in Heartland Building Society on or about 5 January 2011. The payment terms, interest rate and maturity of each transferred deposit, and the way in which the deposit account can be operated or used, have not changed as a result of the deposit being transferred to Heartland Building Society.
Your deposits in Heartland Building Society are senior unsecured unsubordinated debt obligations and rank equally with all other deposits issued under Heartland Building Society's Trust Deed. Only those priorities imposed by law, for example, for unpaid wages and taxation rank ahead of depositors.
More information about secured debenture stock investments that were made with MARAC and which are now Heartland Building Society deposits is contained in the Heartland Building Society Investment Statement which can be downloaded from here.
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Click here
to be taken to the Deposits section of the Heartland Building Society website.
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Click here
if you have any questions about your investment (now a MARAC Deposit with Heartland Building Society).
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Click here
if you have any questions about the merger.
Alternatively, contact our Investment Team today on 0800 26 27 22 – we're here to help.