Teachers Mutual Bank

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

Teachers Mutual Bank Limited (formerly the New South Wales 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 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 and all profits are intended to be returned to members by way of lower fees and interest rates than those available from commercial banks and other for-profit financial institutions.

Initially formed in 1967 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.

Having always had a highly decentralised membership (their teacher members working in schools spread across the state), the bank was an early innovator in providing banking services with telephone and, later, internet banking. It currently maintains only five branches; two located in Sydney (one being the head office) and one in each of the Hunter Region, the Australian Capital Territory and Western Australia. The head office branch is located at Homebush on Parramatta Road in Sydney's inner western suburbs.

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.

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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