MyState Completes $755M Acquisition of Auswide Bank, Delists Shares

MyState Bank has successfully completed its $755 million acquisition of Auswide Bank, making Auswide a wholly owned subsidiary. This merger, which affects approximately 272,000 customers, will operate under four brands: MyState Bank, Auswide Bank, SelfCo, and TPT Wealth. Shareholders of Auswide received new MyState shares in exchange for their existing shares, and the merger is projected to yield annual pre-tax cost synergies of up to $25 million by the end of FY27. The combined entity will benefit from a loan book of $12.5 billion and total deposits of $9.6 billion, enhancing operational scale and funding flexibility for future investments. MyState's CEO Brett Morgan highlighted the long-term benefits of this merger, which aims to position the bank as a stronger regional player in the financial services sector. Additionally, Auswide's shares have been delisted from the Australian Securities Exchange effective immediately following the acquisition.