Teachers Mutual Bank

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Teachers Mutual Bank Limited
Type Consumers' co-operative
Industry Banking
Founded 1966
Headquarters Homebush, New South Wales, Australia
Area served Australia
Key people Steve James[disambiguation needed], (Chief executive)
John Kouimanos, (Chairperson)
Products Consumer Banking
Wholesale Banking
Wealth Management
Insurance
Travel
Total assets Increase A$4.22[1] billion (2014)
Employees Increase 424 (2012)
Website tmbank.com.au

Teachers Mutual Bank Limited formerly the Teachers Credit Union is one of the largest mutual banks in Australia, with more than 156,000 members and assets of $4.22[1] billion. Membership is primarily open to future, serving and retired teachers and other employees in the Australian education sector, and their immediate family members. The organisation achieved the highest ranked customer service, according to a Choice survey in 2009.[2]

Each member holds one equal share in the organisation and all profits are returned to members by way of lower fees and interest rates than those offered by competing commercial banking enterprises.

The membership of Teachers Mutual Bank is currently geographically spread throughout New South Wales, the Australian Capital Territory, Western Australia and the Northern Territory. With such a decentralised membership, they have been an innovator in providing banking services with both telephone and internet banking, and the need for only five branches, two located in Sydney, and one in each the Hunter Region, the Australian Capital Territory and Western Australia.

Teachers Mutual Bank is a long-standing supporter of many education programs and has made a significant contribution to public education in New South Wales. This support extends across a broad range of educational programs including sport, the arts, conferences and workshops as well as significant activities and events at all levels of the school system.

The head office is located at Homebush, on Parramatta Road in Sydney's inner western suburbs.

Milestones[3]
Year Milestone Membership Assets
1966 Founding board Members: Joseph Stone (Chairman), Betty Shearman, Bryan Priest, Colin Thomson, Vernon Wildy, Cecil Norgate, Douglas Wale, Bob Dobson (Treasurer), and Dennis Stewart (secretary). The Hornsby Teachers Association Credit Union was formed on 27 September 1966 in response to a group of teachers recognising the need for a mutual financial organisation that understood their needs.
1967 Name changed to NSW Teachers Credit Union at the first Annual Meeting on 20 September.
1969 Sheila Davison became first employee. 532
1970 Ken Miller appointed General Manager.
1974 Bill Paying Service introduced.
1976 Cash withdrawals became available.
1977 Members’ records were computerised.
1980 Telecheque was introduced allowing members to call and request a cheque withdrawal.
1982 Redi-Access Network utilising other Credit Unions' offices for deposits and withdrawals was introduced.
1983 Redicard, Visa debit card and the Rediteller ATM Network began and teachers were able to direct all their pay to the Credit Union.
1984 Rooty Hill office opened to service the Western Sydney area.
1985 Point of Sale (POS) machines and Cheque Books were introduced.
1987 Ken Miller retired and John Prescott was appointed as General Manager. 58,000
1994 Pay for non-Department of Education members was able to be deposited electronically.
2001 John Prescott retired as General Manager and Stuart Gillies was appointed as Chief Executive. 104,785 $923 million
2005 Stuart Gillies retired and Steve James was appointed as Chief Executive. 129,617 $1.5 billion
2006 Celebrated 40th Anniversary.
2007 Office opened in Canberra. 143,000 $1.8 billion
2008 Office opened in Perth. Merger with TAFE and Community Credit Union. 155,000 $2.4 billion
2009 Received first place in CHOICE magazine's survey on personal banking satisfaction.
2010 Name officially changed to Teachers Credit Union reflecting status as a multi-state credit union. $3 billion
2011 $3.67 billion
2012 The Australian Prudential Regulation Authority (APRA) approved name change to Teachers Mutual Bank, effective 1 April 2012.

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