Teachers Mutual Bank

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Teachers Mutual Bank Limited
Teachers Mutual Bank
Company type Consumers' co-operative
Industry Banking
Founded1966
Headquarters
Homebush, New South Wales
,
Australia
Area served
Australia
Key people
 Anthony Hughes, (Chief executive)
Maree O'Halloran, (Chairperson)
Products Consumer Banking
Wholesale Banking
Wealth Management
Insurance
Travel
BrandsFirefighters Mutual Bank

UniBank

Health Professionals Bank

Hiver Bank
Parent (Bank) - AUD $27 million (2016)
Total assets Increase2.svg A$6.68 [1]  billion (2016)
MembersIncrease2.svg 191 415
Number of employees
Increase2.svg 540 (2016)
Website tmbl.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.

Contents

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]
YearMilestoneMembershipAssets
1966Founding 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.
1967Name changed to NSW Teachers Credit Union at the first Annual Meeting on 20 September.
1969Sheila Davison became first employee.532
1970Ken Miller appointed general manager.
1974Bill Paying Service introduced.
1976Cash withdrawals became available.
1977Members’ records were computerised.
1980Telecheque was introduced, allowing members to call and request a cheque withdrawal.
1982Redi-Access Network utilising other Credit Unions' offices for deposits and withdrawals was introduced.
1983Redicard, Visa debit card and the Rediteller ATM Network began and teachers were able to direct all their pay to the Credit Union.
1984Rooty Hill office opened to service the Western Sydney area.
1985Point of Sale (POS) machines and cheque books were introduced.
1987Ken Miller retired and John Prescott was appointed as general manager.58,000
1994Pay for non-Department of Education members was able to be deposited electronically.
2001John Prescott retired as general manager and Stuart Gillies was appointed as chief executive.104,785$923 million
2005Stuart Gillies retired and Steve James was appointed as chief executive.129,617$1.5 billion
2006Celebrated 40th Anniversary.
2007Office opened in Canberra.143,000$1.8 billion
2008Office opened in Perth. Merger with TAFE and Community Credit Union.155,000$2.4 billion
2009Received first place in CHOICE magazine's survey on personal banking satisfaction.
2010Name officially changed to Teachers Credit Union reflecting status as a multi-state credit union.$3 billion
2011$3.67 billion
2012The Australian Prudential Regulation Authority (APRA) approved name change to Teachers Mutual Bank, effective 1 April 2012.
2013157,765$4.08 billion
2014161,898$4.39 billion
2015Merged 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
2016Merged 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
2017191,415$6.68 billion
2023Steve James retired and Anthony Hughes was appointed as Chief Executive Officer.234,068$10.7 billion

See also

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References

  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. 1 2 UniBank. Our story Retrieved on 2 May 2017.
  3. 1 2 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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