No longer known as the Bass and Equity Building Society, B&E will soon be Tasmania’s only customer-owned bank.

That’s why it will be calling itself the Bank of us from November 1, almost 30 years to the day since the Bass Building Society and the Equitable Building Society merged to form what became B&E.

Previously a financial institution specialising in home and personal loans, the rebranding of B&E will signal to its customers that while a lot has changed, much will stay the same.

Bank of us chief executive Paul Ranson said it would be “a different kind of bank”.

“Our name and logo will change but our values, including putting the customer first, will remain the same,” he said.

“But not everything will stay the same. 

“We’ve been working on some new and exciting products - products that are not tricky or complicated, that are great value, with competitive rates and that are designed by Tasmanians for Tasmanians.”

Mr Ranson said the term ‘building society’ was “less relevant” in a contemporary context.

“When you use the word ‘bank’, people immediately understand what it is and what it does,” he said.

“Unlike our publicly listed peers, that are owned by external shareholders, we will be 100 per cent owned by our customers and, just as we do today, we will reinvest any profits into the business to provide a better banking experience for them.”

Bank of us chairman Stephen Brown said the bank understood that its responsibility was to its customers.

“By using the term ‘customer-owned bank’, we hope to attract new customers and retain our existing ones,” Mr Brown said.

“We want to make sure we continue to grow and remain viable for the foreseeable future.”

In the 2016-17 financial year, B&E approved $169 million worth of loans, its loan portfolio increased by $47.6 million to $630.4 million and its total deposits  increased by $29 million to $684 million.

“Pleasingly, our growth is 100 per cent derived from the Tasmanian market,” Mr Brown said. 

As B&E prepares to become the Bank of us, it has $700 million in assets as well as a 30,000-strong customer base.

Existing B&E customers are assured that day-to-day transactions will remain unchanged as a result of the rebranding.

“All account numbers, passwords and cards will continue to work as normal and we will still be the same friendly team, providing the same great customer service that Tasmanians have come to know and expect,” Mr Ranson said.