Bank First
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| Industry | Banking |
|---|---|
| Founded | 1972 |
| Headquarters | Hawthorn East, Victoria |
Area served | Australia |
Key people | William Wolke, (CEO) Bernie Lloyd, (Chair) |
| Products | Retail Banking School & Preschool Banking Insurance Wealth Management |
| Total assets |  A$2.50[1] billion (2018) |
| Website | Bank First |
Bank First, formerly known as Victoria Teachers Mutual Bank, is one of Australia’s financial institutions, with more than 100,000 customers, over $2 billion in assets and the only financial institution in Victoria focusing on the Education Community.[1]
Apart from a focus on education, anyone can bank with Bank First; this includes family, friends and the wider community. The Mutual Bank offers everyday banking services, loans, insurance and financial planning.
Bank First differs from some other banks as it is owned by the customers, not external shareholders. Each customer owns an equal share of the organisation and profits are reinvested to add to its strength and security rather than to pay external shareholders.[2][3]
Being a customer owned financial institution; Bank First is an Authorised Deposit taking Institution and is regulated by the same authorities as all other banks. The Mutual Bank has all the safeguards as other banks, including the Commonwealth Government’s bank deposit guarantee.
The head office is located at 117 Camberwell Road, Hawthorn East, Victoria. The bank was renamed Bank First from Victoria Teachers Mutual Bank in December 2017.[4]
History[5]
| Year | History |
|---|---|
| 1972 | VTU Credit Union established by 48 educators and $480 start-up capital |
| 1973 | Membership numbers were 334 and assets of $39,250 |
| 1975 | Introduction of monthly newsletter ‘Slate’ |
| 1976 | Commenced recruitment of School representatives and School visits initiated |
| 1977 | Financials indicated surplus budget overcoming operating deficit of formative years |
| 1977 | 5,338 Members |
| 1979 | Bond opened up to non government Schools |
| 1980 | Redicash service introduced meaning Members could withdraw cash from any bank in Australia |
| 1981 | Official opening of the VTU Credit Union’s Camberwell building by the Governor of Victoria Sir Henry Winneke |
| 1983 | Opened Moonee Ponds branch |
| 1986 | Significant year – Government teachers able to deposit whole salary to credit union account |
| 1987 | Number one credit union in Victoria based on asset size |
| 1987 | 37,559 Members |
| 1989 | Applevest Pty Ltd – Financial Planning service introduced |
| 1991 | Membership exceeded 45,000 and assets had surpassed $180 million |
| 1993 | Direct debits introduced |
| 1995 | Shareholding Membership had reached 50,271 by 30 June |
| 1996 | Assets exceeding $250 million |
| 1998 | Launch of website victeach.com.au |
| 2000 | Internet Banking service introduced |
| 2002 | Membership had exceed 60,000 and assets were over $500 million |
| 2005 | Expanded Home Loan range to match other institution offerings |
| 2007 | Mobile Lending team established |
| 2008 | Reached $1 billion in assets and membership exceeded 79,000 |
| 2008 | More use of technology including online newsletters, communications and online security |
| 2010 | Introduction of online account opening and online statements |
| 2011 | Launch of Mobile Banking service |
| 2012 | Membership exceeding 86,000, assets over $1.6 billion and new era as a Mutual Bank |
| 2013 | Awards continue as a Mutual Bank, having received three Mutual Bank of the Year awards |
| 2014 | Corporate citizenship program evolving with over $500,000 in support provided to the education community |
| 2017 | The bank is renamed Bank First |
References
- ^ a b [1]
- ^ Roy Morgan customer satisfaction research
- ^ https://www.bankfirst.com.au/about-us/our-bank/awards
- ^ http://campaigns.bankfirst.com.au/bankfirst/index.htm
- ^ Celebrating 40 years – Our Journey. Publication, Victoria Teachers Mutual Bank.