Teachers Mutual Bank Limited Member Vote on Proposed Merger opens 9 February
Teachers Mutual Bank Limited today announced that member voting on its proposed merger with Australian Mutual Bank will open from Monday, 9 February 2026 ahead of its Special General Meeting to be held on Thursday, 12 March 2026.
The proposed merger aims to create an even stronger, 100% member-owned bank with greater capacity to invest in key areas including customer service, competitive financial products, digital banking, and scam and fraud prevention technologies.
Teachers Mutual Bank Limited CEO, Anthony Hughes, said: “This merger is a strategic decision that will make us even stronger and better equipped to meet the challenges ahead, while holding true to our purpose and our history.
“With shared values, complementary strengths and aligned purpose, Australian Mutual Bank is a natural partner, and we’re excited by what we’ll be able to do together as one merged bank.”
If the merger is approved by members and regulators, Teachers Mutual Bank Limited members will benefit from lower fees and a broader range of products, access to nearly the double the number of branches, improved Australian-based customer service, and more investment into smarter, safer banking.
Post-merger, Teachers Mutual Bank Limited will continue to support the education, health, and emergency services professions through sponsorships and partnerships, and its member-first, profit-for-purpose model.
“This merger will build on what our members already love about our bank while ensuring we can continue to deliver outstanding value to our members now and into the future,” added Mr Hughes. “We are looking forward to opening the vote next week and encourage every eligible member to have their say.”
From Monday 9 February, Teachers Mutual Bank Limited members who are eligible to vote will be sent a Member Information Booklet and voting materials.
Teachers Mutual Bank Limited’s Board of Directors announced its endorsement of the proposed merger in May 2025, following the completion of due diligence. The Memorandum of Understanding to explore the benefits of merging was first announced in December 2024.
Over the past decade, 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 almost halved. In recent years, consolidation has accelerated, with eight of the largest mutual banks either merging or announcing intentions to merge.
If approved, this merger will create one of Australia’s largest member-owned banks with combined total assets of $13.4 billion serving approximately 280,000 members.