The iconic Greater Bank and Newcastle Permanent brands will be retained if a proposed merger of the two institutions proceeds.
Newcastle Permanent chief executive Bernadette Inglis said customers would be able to choose the brand that best suited their needs.
"Absolutely we will be retaining the identities of those brands, they have built up over a long period of time. They are iconic and respected and valued in the areas in which they operate we intend to take that to a broader group of customers," she said.
However, she acknowledged the role of the bank branch was changing.
"The branch networks will continue to be an important part of our business but where those branches will be needs to be determined," she said.
Both banks would retain their locally-based customer contact centres and headquarters in Newcastle.
Existing community-based activities, such as the Newcastle Permanent's Charitable Foundation would also continue.
Greater Bank chairman Wayne Russell said customers would be the big winners from the merged entity's combined strength.
"While both organisations have exceptional financial strength we believe the combined capability and capacity will enable us to invest more in technology and innovation and frankly at a pace that is better able to meet evolving customer and regulatory expectations.
Both institutions are customer-owned and governed by the principle of mutuality, meaning they have no shareholders.
"That means all decisions are made to benefit our customers. This has been a cornerstone of both organisations and is and has been fundamental to the process of bringing us all together," Mr Russell said.
Newcastle Permanent was founded 118 years ago while the Greater Bank was founded 75 years ago.
Their combined organisational footprint currently extends from the Gold Coast in the north to the south coast across to the New England and Central West regions.
"While we are both proud of our success beyond our traditional heartland boundary, our two brands remain deeply embedded in the Hunter Region," Newcastle Permanent chairman Jeff Eather said.
"So many of the people in the Hunter Region open their first account with the Newcastle Permanent or Greater Bank as school kids and have stayed for life. That speaks volumes to the trust our customers have instilled in us."
Completion of the merger remains subject to due diligence and then approval by the institutions' members, regulators, including the Federal Treasurer.
Early 2022 is the target date for completion of the merger.
