More FAQ's

FAQs

(A) Our strategic direction

Why are you proposing to merge?

This proposed merger is a proactive decision by our Board of Directors who believe that combining the strengths of the two banks will make us an even stronger bank and enable us to improve the quality, convenience, and value of our services.

Member-owned banks are facing common challenges and significant investment is required to keep pace with rapidly evolving technology, cybersecurity, and member expectations. These challenges have driven significant consolidation across our sector, and in recent years, eight of the largest mutual banks have merged or announced intentions to merge.

Coming together, we’ll create an even 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.

Why is a merger necessary?

While our bank is financially strong, the banking sector is moving at pace. The rapid evolution of technology, cybersecurity, regulation and compliance requirements, and customer expectations is important, but also comes at considerable cost, stretching the resources of smaller banks like ours.

These challenges have driven significant consolidation across our sector, and in recent years, eight of the largest mutual banks have merged or announced intentions to merge as these banks have sought to benefit from increased scale.

While we are financially strong and have shown resilience, we must continue to evolve. By combining our resources with Australian Mutual Bank, we will be able to increase investment into our bank 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 – a mutual bank that shares a similar heritage, values and future ambitions.

Like us, Australian Mutual Bank is 100% 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, they support approximately 60,000 members while making a positive impact in their local communities.

Who owns Australian Mutual Bank Limited?

Like us, 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 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 and cybersecurity, increased regulation and compliance requirements, 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.

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.

(B) What the merger means for our members

How is merging in the best interests of members?

The Board believes that merging is in the best interests of members and recommends members vote in favour of the merger.

By merging, we will combine the financial strength of our two banks to deliver increased investment in customer service, competitive financial products, and digital banking services, including fraud and scams prevention technology as well as support for our professions.

As a stronger, more resilient bank, we are setting our bank up for a more sustainable future.

What will change for members if the merger goes ahead?

As a stronger, more resilient bank, we will be able to build on what our members already love about our bank.

Combining the financial strength of our two banks will deliver increased investment in our customer service, a broader range of competitive products, and digital banking and cyber security.

In the short term, our members will benefit from

1. Lower fees, more value and a broader range of products

2. More branches

3. Improved Australian-based customer service

4. More investment in smarter, safer banking

What will stay the same if the merger goes ahead?

This merger is about building on and enhancing the things we know our members value about our bank.

Upon merging, we will:

1. Remain 100% member-owned

2. Operate Teachers Mutual Bank, Health Professional Bank, Firefighters Mutual Bank and UniBank alongside Australian Mutual Bank

3. Continue to be 100% Australian-based

4. Make no changes to our members’ account or banking details

5. Continue to provide Bank@Post access

6. Continue to support our professions and communities

7. Maintain our profit for purpose model

8. Continue to give back through staff volunteering opportunities

(C) The merger process

Who is eligible to vote on the proposed merger?

All Teachers Mutual Bank Limited members aged 18 years or over are entitled to vote, and each member has one vote.

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.

What is required for the proposed merger to go ahead?

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

When will members be asked to vote?

The member vote opens on Monday 9 February 2026. All members who are eligible to vote will be sent a Member Information Booklet and voting materials, including a link to vote online and instructions on how to request and submit a Proxy Form.

The voting period closes at the Special General Meeting which will be held on Thursday, 12 March 2026 at 4pm (AEDT) at the Amora Hotel Jamison Sydney. Members can attend and vote online or in person.

How do I vote?

Members are strongly encouraged to have their say and vote. 

Members who are eligible to vote will be sent a Member Information Booklet and voting materials when the vote opens. This will include details of how Teachers Mutual Bank Limited members can either: 

Submit a pre-meeting electronic direct vote online. 
Participate in the SGM online and vote online during the meeting. 
Attend the SGM in person and vote during the meeting. 
Appoint a proxy to vote on your behalf, either online or by submitting an Appointment of Proxy Form in accordance with the instructions in the form.

Pre-meeting electronic direct votes must be completed online, and Appointment of Proxy Forms must be received, at least 48 hours before the scheduled commencement time for the SGM (i.e. by 4.00 pm on Tuesday, 10 March  2026) to be valid. 

To ensure that the votes of members who attend the Special General Meeting by proxy are included,voting on the TMBL Merger Resolution will be by poll.  

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

When the vote opens, all our eligible members will receive a Member Information Booklet, which 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.  If you have further questions, please email the team at [email protected] or call us on 1800 862 503.

How will members receive the Member Information Booklet and voting materials?

Depending on the members’ preferences, the materials will be sent via email or mail from Teachers Mutual Bank Limited from Monday 9 February 2026.

What are members voting for?

When voting opens, we’ll be asking our members to vote on a Special Resolution to approve the merger and related matters. This includes proposed updates to our constitution to modernise and support the governance of the merged bank, and a change to the director remuneration limit to reflect the larger size and complexity of the combined bank. 

(D) 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 retail brands Teachers Mutual Bank, Health Professionals Bank, Firefighters Mutual Bank, UniBank, and Australian Mutual Bank will operate alongside each other as part of Teachers Mutual Bank Limited.

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

Upon merging, members holding accounts with both banks will be able to keep their accounts under their existing retail brands or consolidate them under one brand.

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 currently have B Corp Certification. The Merged Bank will retain the commitment to B Corp Certification.

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.