On this page you can learn more about our proposed merger with Teachers Mutual Bank Limited. As a member of Australian Mutual Bank Ltd, in 2026 we’ll ask you to vote on the proposed merger to bring together two of Australia’s 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.
Teachers Mutual Bank Limited’s history is similar to our own origins and evolution. Serving members in the education, health and emergency services sectors, they too were established to provide a banking alternative for Australians working in distinct vocations almost 60 years ago.
Just like us, Teachers Mutual Bank Limited is today member owned, offers competitive financial products and services, and has a firm commitment to supporting the communities it serves.
Operating four brands - Teachers Mutual Bank, Health Professionals Bank, Firefighters Mutual Bank and UniBank – Teachers Mutual Bank Limited is financially strong, with consistent performance in recent years.
With headquarters in Sydney and seven branches in New South Wales, Australian Capital Territory, Victoria, and Western Australia, Teachers Mutual Bank Limited has some of the highest member satisfaction rates in the industry.
Another key point of strategic and operational alignment is that both Australian Mutual Bank Ltd and Teachers Mutual Bank Limited are B Corp certified. This makes us two of the 58 banks worldwide that hold B Corp certification, reflecting our commitment to high standards of verified social and environmental performance, public transparency, and legal accountability.
We both invest in and support our communities, through sponsorships and partnerships, to proactively drive a positive impact.
While our banks have operated side by side, we have always shared the common purpose of member-owned banking. Together we’ll be a stronger, more sustainable member-owned bank.
The proposed merger requires regulatory and member approval to proceed. Should the merger proceed to the next stage, members of both banks will ultimately decide the outcome through a vote expected in 2026. Before then, we’ll share regular updates and run a thorough communications campaign to keep everyone informed.
This is an exciting chance to strengthen our customer-owned bank, create more value for members, and open new opportunities for our people. We’ll keep you up to date and make sure you have plenty of chances to ask questions.
We understand that the proposal to merge with Teachers Mutual Bank Limited may cause uncertainty, so below please find answers to some questions that you may have. If you have more questions about the proposed merger, please contact us at merger@australianmutual.bank.
Success in the banking sector is dependent on the ability to rapidly adapt, meet evolving customer expectations, and new regulatory demands. Smaller organisations can be at a disadvantage in keeping pace with required investment in frequent and complex technology advancements.
Across the mutual bank sector, industry consolidation has occurred at pace, over the past decade the number of mutuals has halved, in fact; in the last four years, eight of the top 10 mutuals have either merged, or announced intentions to merge.
A merged entity would benefit from the shared capabilities of both brands, investment and technology investments, allowing us to continue to be a genuine alternative to the major banks.
This proposed merger is a proactive, strategic choice by our Board to ensure our heritage, values and importantly, our focus on putting members first is retained and enhanced well into the future. This merger is about creating a better bank that can deliver greater member benefit and create a stronger bank.
As a smaller bank competing against the major banks, we are experiencing increasing regulatory requirements and costs, the need for greater investment in technology, and the cost of funding continued improvements in member experience. Merging with Teachers Mutual Bank Limited will help us meet these challenges and position the Merged Bank strongly for the future.
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.
Should the merger be approved, overtime as integration is completed there may be some changes to accounts. We will work to minimise the impact to customers and commit to keeping you informed.
Your interest rates won’t change as a result of the merger. Just as we operate today, from time to time there may be changes to interest rates on products. If this occurs, you’ll be notified of such changes in accordance with the terms and conditions applicable to the relevant product or service.
No. The proposed merger will not trigger a demutualisation. The merged entity will continue to be 100% owned by its members and each member will continue to have one vote.
The combined organisation will offer broader career opportunities for our people and there will be no forced redundancies as a result of the merger.
Upon merging, the Australian Mutual Bank Ltd brand will be retained alongside the Teachers Mutual Bank Limited retail brands (Teachers Mutual Bank, Health Professionals Bank, Firefighters Mutual Bank and UniBank).
Yes. The proposed merger requires approval from regulators including the Australian Prudential Regulation Authority (APRA), ASIC, ATO and the Federal Treasurer.
The Merged Board will include two representatives from Australian Mutual Bank Board of Directors to ensure retention of skills and experience. Andrew Kearnan, current Chair of Teachers Mutual Bank Limited, will be the inaugural Chair. The CEO of the Merged Bank will be Teachers Mutual Bank Limited’s CEO, Anthony Hughes.
The Merged Bank will have nine Non-Executive Directors with two representatives from Australian Mutual Bank.
The Australian Mutual Bank Board has a responsibility to ensure the long-term sustainability, viability, and success of our bank, and anticipates that a merger is the best way to achieve this. If the vote to merge with Teachers Mutual Bank is unsuccessful, we will continue to pursue a merger as a strategic priority.
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.
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.
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 website will be updated periodically to keep members up to date.
The Boards of Australian Mutual Bank Ltd and Teachers Mutual Bank Limited have formally approved the proposal to recommend merging the two mutual ba...
Australian Mutual Bank and Teachers Mutual Bank are pleased to announce the signing of a memorandum of understanding to explore a potential merger.
