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NSW-based Fire Brigades Employees’ Credit Union has initiated moves to merge with Teachers Mutual Bank, one of Australia’s largest mutual banks.
The Boards of Fire Brigades Employees' Credit Union (FBECU) and Teachers Mutual Bank (TMB) have signed a Memorandum of Understanding to work together on developing a mutually acceptable merger proposal, which will ultimately require the approval of FBECU’s members.
FBECU has over 7,400 members and more than $215 million in assets.
FBECU General Manager Jim O’Connell said that the decision to seek a merger with a suitably aligned financial institution had resulted from a strategic review conducted last year.
“We recognised that the best way to tackle the challenges of being a small financial institution in the current environment was to seek a merger with the right partner who would help us continue to deliver added value and a successful and sustainable future for our members,” said Jim O’Connell.
“We saw Teachers Mutual Bank as our preferred and ideal partner, because they understand industrial-based brands, and are a good cultural fit for us, with a strong member value proposition.”
Jim O’Connell said both parties have a strong commitment to retaining FBECU’s brand and role as a financial services provider dedicated to the NSW firefighting community. A new name will be required as a result of merging into a mutual bank, which will reflect their existing firefighter identity.
Teachers Mutual Bank CEO Steve James said the proposed merger with FBECU was a good opportunity for Teachers Mutual Bank Limited and supports the Board of Directors’ mutual banking growth strategy.
“There are good synergies between TMB and FBECU. Both are strong and well respected industrial-based brands, have high levels of service, strong ethics and community mindedness.”
“Firefighters, like teachers, are key essential service workers and both parties see a strong allegiance there.”
Steve James confirmed that the TMB brand and its bond, which is for people working in education and their families, will be unaffected.
“Each of our respective brands will continue to operate separately, but there will of course be synergies and efficiencies which will ultimately bring more benefits to members,” Mr James said.
“Members of FBECU will have the advantage of being part of one of the largest, and growing, mutual banks in Australia.”
The proposal is expected to be put to FBECU members for a vote in the middle of this year after due diligence and regulatory approval from APRA.
The composition of Teachers Mutual Bank Limited’s current Board will be unaffected by this merger.
Media enquiries, or to arrange an interview with either Steve James or Jim O’Connell:
Gillian Tatt, Corporate Affairs Manager, Teachers Mutual Bank on 0448 259 942 or email@example.com
FBECU is a member owned Credit Union, offering a full range of banking products and services to employees of Fire and Rescue NSW and their families. Established in 1968, it has over 7,400 members and more than $215 million in assets.
Teachers Mutual Bank is the leading Australian bank servicing the education sector. One of the largest mutual banks in Australia, it has over 174,000 members, and more than $5.3 billion in assets. It was named Bank of the Year 2015 in the Roy Morgan Bank Customer Satisfaction Awards announced recently.