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Teachers Mutual Bank

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Teachers Mutual Bank Limited
Teachers Mutual Bank
Company typeConsumers' co-operative
IndustryBanking
Founded1966
Headquarters,
Area served
Australia
Key people
Anthony Hughes, (Chief executive)
Maree O'Halloran, (Chairperson)
ProductsConsumer Banking
Wholesale Banking
Wealth Management
Insurance
Travel
BrandsFirefighters Mutual Bank

UniBank

Health Professionals Bank

Hiver Bank
Parent (Bank) - AUD $27 million (2016)
Total assetsIncrease A$6.68[1] billion (2016)
MembersIncrease 191 415
Number of employees
Increase 540 (2016)
Websitetmbl.com.au

Teachers Mutual Bank Limited (formerly the New South Wales Teachers Credit Union) is a mutual banks in Australia, with more than 200,000 members and assets of over $8 billion.

Membership is primarily open to serving and retired teachers, university students undertaking education degrees and diplomas that will qualify them as registered school teachers, other employees in the Australian education sector, and immediate family members of people who fit the primary criteria.

As a mutually owned institution, each member (account holder) holds one equal share in the organisation. All profits are intended to be returned to members by way of fees and interest rates that are lower than those available from commercial banks and other for-profit financial institutions.

Initially formed in 1966 as the New South Wales Teachers Credit Union, with membership restricted to public (state) school teachers in New South Wales, the membership of Teachers Mutual Bank is today spread across New South Wales, the Australian Capital Territory, Western Australia, South Australia and the Northern Territory.

It is with a decentralized membership and currently maintains six core branches; three located in Sydney and one in each of the Hunter Region, the Australian Capital Territory and Western Australia. The head office branch is located at Homebush on Powell Street in Sydney's inner western suburbs.

Since mergers with two credit unions in 2015-16,[2][3] three divisional branches exist in Perth (trading as UniBank) and one in Sydney (trading as Firefighters Mutual Bank).

Milestones[4]
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.
2013 157,765 $4.08 billion
2014 161,898 $4.39 billion
2015 Merged with The University Credit Society Limited (Unicredit), effective 1 August 2015. Former UniCredit branches operate as UniBank, a division of Teachers Mutual Bank.[2] 166,046 $4.86 billion
2016 Merged with the Fire Brigades Employees' Credit Union. Former FBECU branch operates as Firefighters Mutual Bank, a division of Teachers Mutual Bank.[3] 177,357 $5.54 billion
2017 191,415 $6.68 billion
2023 Steve James retired and Anthony Hughes was appointed as Chief Executive Officer. 234,068 $10.7 billion

See also

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References

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  1. ^ https://www.tmbank.com.au/~/media/about-us/corporate/pdf/annual-report/teachers-mutual-bank-annual-report-2016-2017.ashx [bare URL PDF]
  2. ^ a b UniBank. Our story Retrieved on 2 May 2017.
  3. ^ a b Teachers Mutual Bank. Teachers Mutual Bank to merge with Fire Brigades Employees Credit Union Retrieved on 2 May 2017.
  4. ^ "Our milestones". Archived from the original on 13 September 2012. Retrieved 5 April 2012.
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