Brendan O'Donovan to take Cooperative Bank chair in June
By Paul McBeth
March 12 (BusinessDesk) - Cooperative Bank director Brendan O'Donovan will take over the lender's chair in late June, replacing Steven Fyfe who plans to retire at the bank's annual meeting.
Fyfe today announced he wouldn't seek re-election at the June 28 annual meeting, having sat on the board since 2011 and held the chair since 2012, Cooperative Bank said in a statement. He'll be replaced by O'Donovan, a former chief economist at Westpac Banking Corp, who joined the board in 2012.
The new chair of the board coincides with a new chief executive after David Cunningham's appointment last year, and the subsequent hiring of former NZX chief financial officer Bevan Miller to take the same role at the lender.
Cooperative Bank was granted a banking licence in the latter half of 2011 and rebranded from its former incarnation as PSIS when it had 127,000 customer-owners.
The lender reported a net profit of $9.2 million in the nine months ended Dec. 31, up from $8.4 million a year earlier, on a 5.9 percent increase in net interest income to $41.5 million. As at Dec. 31, the lender had $2.27 billion of loans and advances and $2.17 billion of deposits. It pays its earnings out as a rebate to customers.
The lender issued $15 million of 10-year subordinated notes paying annual interest of 6 percent and listed them on the NZX's debt market last year. The notes last traded at $103.053 per $100 face value, representing a yield of 5.25 percent.