Southland Building Society turns 140

It has seen off two world wars, the Great Depression and any number of economic ups and downs to reach its 140th birthday.

The former Southland Building Society, which is now the country's newest bank after gaining its banking license late last year, is also one of New Zealand's oldest financial institutions.

Chief executive Ross Smith says SBS Bank remains in very good heart and is well-positioned to meet and beat these tough economic times.

He says members' deposits have increased by more than $200 million since SBS became a bank last year.

- NEWSTALK ZB