Notice of Special General Meeting
Vote now on the proposed merger with Teachers Mutual Bank.
Australian Mutual Bank will hold a Special General Meeting (SGM) to consider and, if thought fit, approve a Transfer of Business (Merger) to Teachers Mutual Bank and also approve the payment of benefits to non-transferring directors.
SGM DETAILS:
Date: 11 March 2026
Time: 3:00pm (AEDT)
Location: PARKROYAL Darling Harbour, 150 Day Street, Sydney
Online: https://amb.verovoting.com.au
The meeting will be held both in person and online to ensure as many members as possible can attend. Please refer to the Notice of Special General Meeting for further details.
Why this merger is being proposed
The mutual banking industry is changing rapidly. Member-owned banks across Australia face increasing regulatory pressures, rising costs, fast-moving technology, and growing cybersecurity risks. Consolidation has also accelerated over the past two decades.
Australian Mutual Bank has remained strong throughout this period, but we must continue to evolve to deliver the best value, cybersecurity protection, and service for our members.
With this in mind, the Board believes a merger with Teachers Mutual Bank Limited is the best way to strengthen our future. Both banks are financially sound, well-managed, and share deeply aligned values, a strong member-first philosophy, and long-standing community commitment. Teachers Mutual Bank was selected for its financial strength, cultural fit, and trusted reputation.
Key benefits of the proposed merger include:
- More branches with no closures, meaning our six branches are retained and members can use Teachers Mutuals Bank's seven branches, giving members access to 13 locations across the ACT, NSW, VIC, and WA
- Improved Australian-based service, including extended support hours
- Smarter, safer banking through increased investment in digital services and fraud prevention
- Retaining our brand and remaining 100% member owned
- More opportunities for employees, with no forced redundancies
- Lower fees, more value, and a broader range of competitive products
The merged bank will remain profit-for-purpose and continue as a certified B Corp.
YOUR VOTE MATTERS
The merger requires member approval at the Special General Meeting in March 2026, and the Board unanimously recommends voting “For.”
Ways you can participate:
- Vote online both prior to and during the SGM
- Appoint a Proxy to vote on your behalf
- Watch the live stream of the SGM on 11 March
- Submit questions ahead of or during the SGM
Members are encouraged to submit votes ahead of the meeting using the online Vero Voting system. Voting for resolutions will conclude when the voting closes at the meeting.
Vote online now
Members can vote prior to the meeting via the below button.
The Vero Voting SGM Online Guide provides instructions on using the SGM online portal. To access the online portal, you will require your member number and unique PIN code provided to you by email or letter.
Appoint a proxy to vote on your behalf
As an alternative to voting online, members can appoint a proxy to vote on their behalf.
Please follow the instructions on how to complete and submit your proxy using the Appointment of Proxy and Voting Form.
If attending the meeting in person:
The venue is a seven-minute walk from Town Hall Station via Bathurst Street. Parking is also available at nearby parking stations for a fee.
Light refreshments will be served before and after the meeting.
Members can register their attendance by contacting our team on 13 61 91. In-person registration at the venue will open from 2:00pm on the day.
If attending the meeting online:
To facilitate the meeting process Vero Voting has been engaged. Members should access the online portal at https://amb.verovoting.com.au and use their member number and unique PIN provided by email or letter to register online attendance. The same portal and log in details (member number and unique PIN) will be used to attend the SGM online on 11 March 2026.
All members are encouraged to participate in the SGM and voting process.
If you have any questions about the proposed merger and what it means for you, please visit our Merger Hub or write to us at merger@australianmutual.bank - we're here to help.
Merger resources
- Member Information Booklet
To help you make an informed decision, we encourage you to read our Member Information Booklet. It provides detailed information about the proposed merger including its benefits, strategic importance, financial information, future governance, and next steps.
- Notice of Special General Meeting
Information for members and explanatory notes.
- Appointment of Proxy and Voting Form
To appoint a Proxy to vote on your behalf using a paper form - however, as an easier alternative, members can appoint a Proxy by visiting https://amb.verovoting.com.au
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 operate 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.
Members will be asked to vote prior to and during the Special General Meeting to be held 11 March 20026.
There are multiple ways to vote:
- Cast your own vote prior to the Special General Meeting (SGM)
The Vero Voting SGM Online Guide provides instructions on how to vote using the online portal https://amb.verovoting.com.au.
To access the online portal, you will require your member number and unique PIN code provided to you by email or letter. - Appoint a proxy
As an alternative to voting online, members can appoint a proxy to vote on their behalf.
Please follow the instructions on how to complete and submit your proxy using the Appointment of Proxy and Voting Form. - Vote at the Special General Meeting (SGM)
The SGM will be held at 3pm (AEDT) on Wednesday, 11 March 2026.
You may:
- Attend in person at the PARKROYAL Darling Harbour, 150 Day Street, Sydney. Members can register their attendance by contacting our team on 13 61 91. In-person registration at the venue will open from 2:00pm on the day.
- Attend the SGM virtually. Members should use their member number and unique PIN provided by email or letter to register online attendance and to lodge questions at https://amb.verovoting.com.au.
A Member Information Booklet, which includes proposed merger's benefits, strategic importance, financial information, future governance, and next steps is available here.
