In 1988 all savings banks were corporatised under the Trustee Banks Restructuring Act 1988 and ownership of each bank was vested in a regional community trust. At this stage Taranaki Savings Bank (who became TSB Bank Ltd) and Trustbank Westland (who renamed itself "Westland Bank") also left the group. The remaining 9 banks merged into one bank (Trust Bank New Zealand) although they continued to trade under their regional names. The community trusts remained as individual shareholders in the new organisation, with shares distributed as a percentage of shareholder funds.