The Heartland bank was founded in January, 2011. The headquarters are located in Christchurch, New Zealand. It is the result of the merges of four banks: CBS (Canterbury Building Society), Southern Cross, MARAC and PGG Wrightson Finance. It operates through the following divisions: Households, Business and Rural. The Household division offers financial services to households in New Zealand as well as motor vehicle finance and consumer finance. It also provides with financial services to Australian seniors through home equity release mortgage lending. The Business division offers working capital solutions to medium and small local companies through plant and equipment finance, commercial mortgage lending among other products. The Rural division offers tailor-made financing to the farming sector offering livestock finance, seasonal working capital solutions, rural mortgages as well as rural equipment purchase finance and leasing. The Heartland Bank has approximately 365 employees.