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Bank of us Chief Executive Paul Ranson, left, and Business Marketing Manager Kris Wye launch the state’s only customer-owned bank.

Tasmania’s newest bank has been launched, with B&E announcing a major overhaul of its brand.

The traditional building society will become a customer owned bank, named Bank of us, from November 1.

Bank of us Chief Executive Paul Ranson and Chairman Stephen Brown Said Bank of us is Tasmanian’s only customer owned bank.

“We’ll be a different kind of bank – a customer owned bank,” Mr Ranson said.

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

“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.”

Bank of us has more than $700 million in assets, 30,000 customers and a statewide retail branch network.

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

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

Mr Ranson said building societies and banks are guided by the same rules and regulations.

“The term ‘building society’ is less relevant to people today.

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

“A customer owned bank has all the safety and security you would expect of a bank, while keeping its customer-first values,” Mr Ranson 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.”