Proposed Merger

As a member of Teachers Mutual Bank Limited, in 2026 we’ll ask you to vote on the proposed merger to bring together two trusted banks 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 customer owned banks with $13.4 billion in total assets, approximately 300,000 members, 750 employees and an expanded branch footprint.

Combining our strengths creates 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 banks together will create a more resilient bank and provide 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% customer-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.
	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 Our operations will remain 100% based in Australia.
	Stronger bank, better 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 will operate as profit for purpose, retaining our B Corporation 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

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 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 from around 185 in 2004 to around 50 in 2025. In the past three years, consolidation has accelerated, with eight of the largest mutual banks merging or announcing intentions to merge.

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.

What is happening to branches and 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.

What are the impacts of the merger on my account details?

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

Will there be changes to my interest rates?

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.

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 Merged Bank aims to be an employer of choice and as a larger, stronger bank we’ll offer even more opportunities for our people to grow and build fulfilling careers. There will be no forced redundancies as a result of the merger.

What will be the corporate name of the merged entity?

Teachers Mutual Bank Limited.

How will the Board be composed?

An integrated Board will govern the Merged Bank with Andrew Kearnan, current Chair of Teachers Mutual Bank Limited, as inaugural Chair. The Merged Board will include representation from both banks and will ensure retention of skills and experience.

Who will be the CEO?

The CEO of Teachers Mutual Bank Limited, Anthony Hughes will be the CEO of the merged entity.

Is this a demutualisation of Teachers Mutual Bank Limited?

No. The proposed merger will not trigger a demutualisation. The Merged Bank will continue to be 100% owned by its members and each member will continue to have one vote.

Does the merger need regulatory approval?

Yes. The proposed merger requires approval from regulators including the Australian Prudential Regulation Authority (APRA) and the Federal Treasurer.

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.

I have more questions

If you have any questions about the proposed merger, please contact us at [email protected]