Teachers Mutual Bank

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Teachers Mutual Bank Limited

Industry	Banking
Founded	1966
Headquarters	Homebush, Australia
Area served	Australia
Key people	Steve James, (Chief executive) John Kouimanos, (Chairperson)
Products	Consumer Banking Wholesale Banking Wealth Management Insurance Travel
Total assets	A$3.67^[1] billion (2011)
Employees	424 (2012)
Website	Teachers Mutual Bank

Teachers Mutual Bank Limited is one of the largest mutual banks in Australia, with more than 156,000 members and assets of $3.67^[1] 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.^[2]

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.

Milestones^[3]
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.

References

↑ 1.0 1.1 Prudential Information, September 2011
↑ Bad? Which bank? All four of the big ones. WA Today. 1 Oct 2009
↑ http://www.tmbank.com.au/GI_About%20us/Our%20Story/Our%20milestones.aspx

External links

Teachers Mutual Bank Limited

v t e Banking in Australia

Bank regulation	Australian Prudential Regulation Authority Australian Competition and Consumer Commission Australian Payments Clearing Association Four pillars policy

Central bank	Reserve Bank of Australia

Big Four	Australia and New Zealand Banking Group (ANZ) Commonwealth Bank of Australia National Australia Bank Westpac

Other banks	AMP Bank of Melbourne (WBC) Bank of Queensland BankSA (WBC) Bankwest (CBA) Bendigo and Adelaide Bank Defence Bank Heritage Bank Macquarie Group ME Bank bankmecu QT Mutual Bank Rural Bank Suncorp St.George Bank (WBC) Teachers Mutual Bank Victoria Teachers Mutual Bank

Foreign banks	Arab Bank Bank of China Beirut Hellenic Bank Citibank Australia HSBC Bank Australia ING Investec Rabobank

Non-bank lenders	RAMS (WBC) Mortgage Choice GE Capital Aussie Home Loans

Category:Banks of Australia List of banks in Australia Financial system in Australia Economy of Australia

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