Victoria Teachers Mutual Bank

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Victoria Teachers Mutual Bank
Industry Banking
Founded 1972
Headquarters Hawthorn East, Victoria
Area served
Key people
William Wolke,
Bernie Lloyd,
Products Retail Banking
School & Preschool Banking
Wealth Management
Total assets Increase A$2.02[1] billion (2015)
Website Victoria Teachers Mutual Bank

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 Victoria Teachers Mutual Bank; this includes family, friends and the wider community. The Mutual Bank offers everyday banking services, loans, insurance and financial planning.

Victoria Teachers Mutual Bank 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; Victoria Teachers Mutual Bank 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.

Head office is located at 117 Camberwell Road, Hawthorn East, Victoria.


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
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


  1. ^ a b Annual Report, June 2013
  2. ^ Roy Morgan customer satisfaction research
  3. ^
  4. ^ Celebrating 40 years – Our Journey. Publication, Victoria Teachers Mutual Bank.

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