Teachers Mutual Bank Limited (formerly the New South Wales Teachers Credit Union) is a mutual bank 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.
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).
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.
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.
