Teachers Mutual Bank Limited is one of the largest mutual banks in Australia, with more than 156,000 members and assets of $3.67 billion. Membership is primarily open to future, serving and retired teachers and administrative staff in the state school systems of Australia, and their immediate family members. The organisation achieved the highest ranked customer service, according to a Choice survey in 2009.
Each member holds one equal share in the organisation and all profits are returned to members by way of lower fees and interest rates than those offered by competing commercial banking enterprises.
The membership of Teachers Mutual Bank is currently geographically spread throughout New South Wales, the Australian Capital Territory and the Northern Territory. With such a decentralised membership, they have been an innovator in providing banking services with both telephone and internet banking, and the need for only five branches, two located in Sydney, and one in each the Hunter Region, the Australian Capital Territory and Western Australia.
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.
The head office is located at Homebush, on Parramatta Road in Sydney's inner western suburbs.
| 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. |
Famous quotes containing the words teachers, credit and/or union:
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—James L. Hymes, Jr. (20th century)
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—Abraham Lincoln (1809–1865)