Teachers Mutual Bank Limited completes merger with Firefighters Credit Co-operative Limited
4 May 2021
Teachers Mutual Bank Limited completed the data transfer to formalise its merger with Firefighters Credit Co-operative Limited on Saturday 1 May.
Now, all Firefighters Credit Co-operative Limited members are part of Firefighters Mutual Bank and have access to a wider range of products and services such as a mobile banking app, free and unlimited ATM withdrawals, NPP, and the opportunity to apply for fixed rate loans and credit cards.
As a result of the merger, Firefighters Mutual Bank has 3000 new members and an increased presence in the Victorian emergency services sector.
Firefighters Mutual Bank General Manager, Jim O’Connell, said: “When merger discussions began in 2020 it was clear that both mutuals had common values and a shared commitment to providing the best service to our members. These values have continued to be present throughout the merger process, as we have worked closely with the Firefighters Credit Co-operative team, despite logistical challenges and physical distance due to COVID-19 restrictions.
“We are delighted to welcome our new members to Firefighters Mutual Bank and look forward to continued growth as the key financial services provider for the national firefighter and emergency service worker community.”
Teachers Mutual Bank Limited CEO, Steve James, said: “As we expand our presence in Victoria, we look forward to ongoing investment in the state and welcoming new members to the Teachers Mutual Bank Limited family. The completion of this merger promotes our growth trajectory and helps us on our mission: to deliver high quality financial products and services to essential workers.”
Teachers Mutual Bank Limited also announced it had signed a Memorandum of Understanding to enter merger discussions with the Victorian-based Pulse Credit Union in January 2021. The due-diligence process for this merger was completed in April, and both Boards of Directors have recently provided approval for the merger process to proceed. The proposal will now require regulatory approval from APRA, before going to a vote by Pulse Credit Union’s membership.