Members vote 'yes' to Teachers Mutual Bank

Teachers Credit Union members have voted resoundingly, and in record numbers, in favour of a name change to Teachers Mutual Bank.

The issue, which saw a record number of members voting either in person or by proxy, achieved what’s believed to be the biggest positive vote in the credit union’s history, despite a lively debate both for and against the proposal at the AGM yesterday.

Teachers Credit Union CEO Steve James said, “We’re delighted that a higher than usual number of members exercised their vote to support the change of name – over 83% of members who voted, voted for us to become Teachers Mutual Bank.”

The name change is still subject to approval from APRA  (The Australian Prudential Regulation Authority).

“Becoming Teachers Mutual Bank, will give us opportunities to access more cost-effective wholesale funding, and communicate more clearly who we are and what we do,” said Steve James, CEO of Teachers Credit Union.

“This move has been inspired by the government’s ‘fifth pillar’ banking reform package.  With more institutions like ourselves becoming mutual banks, member-owned banking is set to become more mainstream and a powerful force in the banking sector.  

“Mutual banks have all the safety and security that you would expect of a traditional bank, but our profits are channelled back into the business to benefit members,” said Steve James.

If APRA approves the name change, Teachers Mutual Bank will join other recent converts to mutual bank status such as bankmecu, QT Mutual Bank, and Heritage Bank.

Media Contact:

Gillian Tatt
Community Investment and PR Specialist
P: 02 9735 9825
M: 0448 259 942