Our Origins

The Trust had its origins in the Dunedin Savings Bank, established in 1864 by public spirited citizens seeking to encourage thrift within the community, and distribute surplus profits to charitable causes. The establishment of the Bank was sanctioned by the Government under the Savings Bank Act 1858, which however failed to make provision for the disbursement of surplus profits for charitable purposes. This was rectified in 1878 with the passing of the Dunedin Savings Bank Profits Bill. The Bank's first gift of 7,515 pounds was donated to the Otago Benevolent Trust in 1879. Surplus profits continued to be distributed over the years.

In 1988 the Government restructured trustee savings banks and gifted ownership of Trust Bank Otago to the community through the establishment of the Trust Bank Otago Community Trust. It appointed Trustees to manage the Trust's operations, including making donations from its dividends to community groups for charitable, cultural, philanthropic, recreational and other purposes that provide a benefit to the community.

Amalgamation of the regional banks resulted in the establishment of Trust Bank New Zealand. The Otago Community Trust's 100% shareholding in Trust Bank Otago was exchanged for a 13.5% holding in Trust Bank New Zealand.

With such high value attached to a single investment Trustees considered it prudent to spread the investment risk. In 1994 they sold half their shares in Trust Bank New Zealand and in 1996 sold the remaining half to Westpac which acquired Trust Bank New Zealand. The sale ended a 132 year ownership of the trustee savings bank by the community. Funds from the sale were reinvested on a globally diversified basis.

Income from the Trust's diverse international investments fund today's projects. Funds distributed to organisations and institutions throughout Otago by the Trust since its inception in 1988 is in excess of $90,000,000. In 1997 Trust Bank Otago Community Trust changed its name to the Community Trust of Otago and in 2008 changed it again to the Otago Community Trust.