Heartland bank to be a niche player

Once it does get that licence, it will become the smallest of the banks operating in the home loans, small-to-medium business lending, motor vehicle financing and rural markets, the major areas it will target.

That, combined with the three merger partners' (Pyne Gould's Christchurch-based Marac, Canterbury Building Society and Auckland-based Sourthern Cross Building Society) existing regional customer and investor bases, is where the "heartland" moniker comes from.

Because the merged company wants to provide financial services to "middle" New Zealanders.

The merged company will retain all three existing brands but will also decide on an over-arching name by February which may or may not be "heartland."