Proposed Merger

In 2026, we’ll ask the members of Teachers Mutual Bank Limited to vote on our proposal to merge with Australian Mutual Bank to create one of Australia’s largest member-owned banks.

We’ll update this page as we have new information to keep you informed.

Two staff members are sitting happy over the proposed merger.

Creating a stronger bank

In bringing our two trusted banks together, we’ll create one of Australia’s largest member-owned banks with $13.4 billion in total assets, approximately 300,000 members, 750 employees and an expanded branch footprint.

Combining our strengths will create a stronger, future-ready bank that can continue to be a challenger in the Australian banking sector, while remaining small enough to keep the personalised service we know our members love.

Merging our financially strong and trusted banks together will create a more resilient bank while providing a platform for increased investment in customer service, competitive financial products, and enhanced safety and security, and digital banking services.

As a Merged Bank, we’ll remain committed to supporting the industries and communities that support us, through sponsorships, scholarships and other community partnerships.

Together, we’ll be a stronger, more resilient member-owned bank.

Our commitments for the proposed merger

	Mutuality We will remain 100% member owned.
	Familiar brands and service Upon merging, the Australian Mutual Bank brand will operate alongside our existing Teachers Mutual Bank Limited brands (Teachers Mutual Bank, Health Professionals Bank, Firefighters Mutual Bank and UniBank).
	No change to account or banking details There will be no change to how our members do their banking. Your member number, account numbers and BSB will remain the same.
	More branches No branches will close due to the merger. Post-merger you’ll have access to 13 branches - up from seven today - with locations from both banks available to all members.
	Award-winning service We will continue to offer and deliver the great service you know and trust.
	More value from day one You'll benefit from increased investment in customer service and competitive financial products.
	Greater investment into smarter, safer banking We'll invest more in digital and mobile banking; boost customer support; and strengthen investment against scams, fraud and cyber threats.
	100% Australian based Our operations will remain 100% based in Australia.
	Stronger bank, broader career paths Our combined 750 employees will have even more opportunities to grow and build fulfilling careers in our bank and there will be no forced redundancies as a result of the merger.
	Profit for purpose We’ll keep operating as a profit for purpose bank and retain our commitment to B Corp Certification.
	Giving back to our communities We'll keep supporting the industries and communities that support us through sponsorships, scholarships and other community partnerships. Post-merger we'll also support the Australian Mutuals Foundation.

What’s next?

The proposed merger requires regulatory and member approval to proceed.

A member vote is expected in 2026. To help our members make an informed decision about the proposed merger, we’ll provide regular updates and further information as we reach important milestones later this year.

About Australian Mutual Bank Limited

Just like us, Australian Mutual Bank Ltd is member owned with a rich history providing banking services to its communities with ethical and sustainable banking products since 1953. Today, the bank serves approximately 60,000 members, has total assets of $1.84 billion, and 150 employees. Australian Mutual Bank aims to be its members’ first choice for banking, is a B Corp Certified, and a proud supporter of its local community and the Australian Mutuals Foundation.

FAQs

(A) Our strategic direction

Why are you proposing to merge?

This proposed merger is a proactive decision and combining our strengths will enable us to improve the quality, convenience, and value of our services. Coming together, we’ll create a stronger, more resilient, future-ready bank that can continue to be a challenger in the Australian banking sector, while remaining small enough to keep the personalised service we know our members love.

Why is a merger necessary?

While our bank is financially strong, the banking sector is moving at pace with rapid evolution in technology, increased regulation and compliance requirements,increasing cyber security threats, and customers expecting higher levels of service and a modern digital experience. These developments are important, but also come at considerable costs and stretch the resources of smaller banks like ours.

This need for increased resources and investment has seen significant mutual banking sector consolidation as mutual banks seek to join forces to become stronger and enjoy the benefits of scale. In fact, the number of mutual banks in Australia has reduced from around 185 in 2004 to around 50 in 2025.

The sector is moving at pace and while we are financially strong and have shown resilience, we must continue to evolve so we can continue to deliver the best value and service to you, our members.

Who are we merging with and why were they chosen?

We are proposing to merge with Australian Mutual Bank Ltd – a mutual bank that shares a similar heritage, values and future ambitions.

Like us, Australian Mutual Bank is member owned, with a rich history of serving its communities with ethical and sustainable banking products. Originally founded to serve employees in transport, local government and energy sectors, Australian Mutual Bank has been providing personalised banking services for more than 70 years. Today, the bank supports approximately 60,000 members while making a positive impact in its local communities.

Who owns Australian Mutual Bank Limited?

Australian Mutual Bank Limited is 100% member owned

Why merge now?

In the past two decades, both Teachers Mutual Bank Limited and Australian Mutual Bank Ltd have actively participated in mutual banking sector consolidation, which has seen the number of mutual banks reduce significantly.

The banking sector is moving at pace and consolidation has been driven by a number of factors including rapid evolution in technology, increased regulation and compliance requirements, increasing cyber security threats, and customers expecting higher levels of service and a modern digital experience.

While mutual banks like ours have shown resilience, we must continue to evolve. Our Merged Bank will be a stronger bank and with the benefits of increased scale, we’ll continue to deliver the best value and service to our members.

(B) The merger process

What does board endorsement of the proposed merger mean?

The Teachers Mutual Bank Limited Board is responsible for ensuring the long-term success and sustainability of our bank. This includes ensuring that we are strong, secure and profitable with a growing asset and member base so we can continue putting our members first.

Board endorsement means that the Teachers Mutual Bank Limited Board of Directors supports the proposal to merge with Australian Mutual Bank and believes the benefits of the proposed merger are in the best interests of our members.

To proceed, the proposed merger now requires both regulatory approval and member approval.

What is required for the proposed merger to go ahead?

As the proposed merger has been approved by the Board, for it to proceed it now requires approval from regulators, including the Australian Prudential Regulation Authority (APRA), as well as approval from the members of both banks.

When will members be asked to vote?

A member vote is expected in 2026. We’ll provide regular updates and further information as we reach important milestones later this year to help our members make an informed decision about the proposed merger.

How do I vote?

We expect to put the proposal to our members for approval at a Special General Meeting (SGM) in 2026 on a date yet to be confirmed. As we get closer to that time, practical how to vote information will be shared with all members of Teachers Mutual Bank Limited.

How can I get more information and details about the merger?

Prior to the member vote, all our members will receive a Member Information Booklet, which is approved by the regulators and details the merger rationale, the expected member benefits, as well as possible reasons why you may choose to vote against the proposal.

In the meantime, the information and merger FAQs here on our Teachers Mutual Bank Limited website will be updated periodically to keep members up to date.

(C) The proposed Merged Bank

Will I be able to bank in an Australian Mutual Bank branch?

Yes, post-merger you’ll have access to an increased branch network of 13 branch locations up from seven branches today, with branch locations from both banks available to all members.

Will my account details have to change? What are the impacts on my account details?

There’ll be no change to how you do your banking. Your member number, account numbers, BSB payment arrangements will remain the same.

Will there be changes to my interest rates or accounts?

Your products and services (such as your accounts, deposits, and loans) won’t change as a result of the Merger. Just as we operate today, from time to time there may be changes to product terms and conditions, fees, or interest rates and we’ll notify you as applicable to the relevant product or service.

Will I still be able to withdraw cash from ATMs?

Yes, just as you do today, you’ll be able to withdraw cash from ATMs.

Will I still be a member of Teachers Mutual Bank Limited if the merger proceeds?

Yes. If the merger proceeds, you’ll still be a member of Teachers Mutual Bank Limited.

What retail brands will the merged entity operate?

Upon merging, the Teachers Mutual Bank, Health Professionals Bank, Firefighters Mutual Bank, UniBank, and Australian Mutual Bank retail bands will be retained.

I have accounts with both Teachers Mutual Bank Limited and Australian Mutual Bank. What happens to my accounts?

For members who have accounts at both banks, we will need to consolidate these accounts under one retail brand. We will contact you after the vote has been confirmed next year to determine the best path forward to accommodate your circumstances and minimise any impact to you.

The Merged Bank will be a single Authorised Deposit-Taking Institution (ADI) for the purposes of the government’s Financial Claims Scheme, which offers members a guarantee on deposits up to $250,000 per account holder per ADI. If you have more than $250,000 deposited across your accounts with Australian Mutual Bank and Teachers Mutual Bank Limited, a single government guarantee will apply and so the member’s total deposit guarantee will be $250,000.

Will this affect Teachers Mutual Bank Limited B Corporation commitment?

Both Teachers Mutual Bank Limited and Australian Mutual Bank Ltd currently have B Corporation Certification. The Merged Bank will retain this commitment.

What is the impact of the proposed merger on employees?

The merger will create opportunities to build a rewarding workplace and employee experience. As a bigger bank there will be broader opportunities for our people to grow and build fulfilling careers. There will be no forced redundancies as a result of the merger.