ABS Building Society - Your community banking alternative
Home ABS Home
Deposit Rates Savings Accounts
Deposit Rates Term Deposit Rates
Loan Rates Loan Rates
  Rates
  Loan Guide
  Calculator
Services Extra Services
Contact ABS Building Society Contact Us
About ABS Building Society  Ltd About ABS
Building Society
About ABS Building Society  Ltd Important Links and Information

 

About ABS Building Society Ltd

Annual Report 2008

History of ABS Building Society

ABS Building Society Limited (ABS) was established in 1970 by a group of Armidale businessmen concerned that local funds were being lost to the area when invested with Banks and particularly other financial institutions outside the New England area. By establishing ABS the residents of New England had a choice of investing their money locally and in turn enabling the Society to on-lend those funds to residents of the area to buy or build their own home, thereby boosting employment in the local trades and stimulating the economy of the region. As repayments were made or loans repaid in full, those funds were re-lent to assist other borrowers to achieve home-ownership and thereby keep that money working within New England.

Being a mutual organisation, ABS depositors and borrowers are shareholders (members) in the Society. This allows the Society to operate for the benefit of its depositors, borrowers and the community it serves, unlike most of the non-mutual financial organisations that attempt to maximise profits.

During the past 30 years ABS has evolved to become a financially sound organisation offering a variety of investment products and borrowing options to its members.

Recently all Approved Deposit-taking Institutions (ADI's) came under the administrative control of the Australian Prudential Regulation Authority (APRA) and the legislative control of the Australian Securities Investment Commission (ASIC). This now allows ABS to operate throughout Australia.

As a measure of its financial strength ABS has a capital adequacy ratio (as measured by APRA) of almost three times the statutory minimum and more than twice that of the major banks which places the Society amongst the highest of ADI's in Australia.

Based in the New England Region of New South Wales, ABS is proud of its achievements and while growth has never been a priority, the Society continues to strive for financial strength and security and to offer its customers fast, friendly and efficient service.

While the role of ABS has changed from housing specialist to all forms of loans, including housing, investment, business, commercial and personal, as well as business overdrafts, the basic philosophy of harnessing funds in a safe and secure haven for the benefit of its members and the community it serves, remains unchanged.

ABS Building Society Ltd. Board of Directors

RM Mills
Chairman

Director of Building Supply Company, Society Director for thirty-seven years.

PC Hanlan
Deputy Chairman

Director of Construction Company, Society Director for twenty-six years, member of Audit Committee.

LB Phillips


Retired regional bank manager, Society Director for fifteen years, member of Audit Committee.

           

Prof. ML Treadgold

University Professor, Society Director for thirteen years.

LR Hardman

Director of Motor Trading Company, Society Director for fourteen years.
PF Rose

Chartered
Accountant, Society Director for thirteen years, member of Audit Committee.
           
ABS Building Society Ltd. Management
Roger Cracknell
Chief Executive
Rod Rixon
Deputy Chief Executive
Josie Bieber
Chief Financial Officer
           
Barry Tomkins
Operations Manager
Wayne Wilby Lending Specialist Rex Gream
Office Manager

Top of page top
 

Home | Savings | Term Deposits | Loans | Services | Contact Us | About ABS Building Society

ABS Building Society Ltd, ABN 84 087 651 938, BSB 630-000
Head Office 101 Faulkner St, Armidale, NSW - ph 1300 227 275- fax 02 6772 9274
email info@absbuildingsociety.com.au

Privacy Statement

 



Site design hutchinson software