Australian Mutual Bank Ltd and Teachers Mutual Bank Limited will merge to create one of Australia’s largest mutual banks following successful member approval at the Special General Meetings of both banks.
Members of both mutual banks voted strongly in favour of the merger, and well above the required 75% approval rate, clearing the path for final regulatory approval ahead of bringing the two banks together as a merged organisation on 1 May 2026.
The merged bank will operate as Teachers Mutual Bank Limited with $14.2 billion* in total assets, ~280,000 members and more than 750 employees.
Members will benefit from 130 years of combined operating history and increased investment into customer service, competitive financial products, digital banking, and scam and fraud prevention.
The merged bank will be Chaired by Andrew Kearnan, Teachers Mutual Bank Limited’s current Chair. Anthony Hughes, Teachers Mutual Bank Limited’s CEO, will be the merged bank’s CEO.
Andrew Kearnan said the strong member vote was an endorsement of our shared vision to bring the two like-minded banks together to create an even stronger bank.
“Our strategic intent is to create an even stronger, more resilient, future-ready bank that’s 100% owned by its members – and it's fantastic to see such strong support across our membership as we take this important step forward. Combining our two trusted and financially strong banks means we can deliver more for our members over the long term while bringing banking for good to more Australians.”
Teachers Mutual Bank Limited CEO, Anthony Hughes said he was incredibly proud and humbled that members shared the vision to create an even stronger bank by voting yes.
“Thank you to our members, who overwhelmingly supported the merger. This is a significant strategic milestone. By bringing our banks together, we will have greater capacity to invest in what matters most to members. With member approval now secured, our focus turns to bringing the best of both banks together for the benefit of members over the coming months.”
The merger is planned to come into effect on 1 May 2026, following final regulatory approvals.
About the merged bank
The merged bank will operate as Teachers Mutual Bank Limited with $14.2 billion* in total assets, ~280,000 members and approximately 750 employees.
All the bank’s operations will remain 100% member owned and Australian-based with no forced redundancies as a result of the merger.
It will operate an expanded branch network with 13 locations across the Australian Capital Territory, New South Wales, Victoria, and Western Australia.
The Australian Mutual Bank retail brand will operate alongside Teachers Mutual Bank Limited’s four existing retail brands - Teachers Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank, and UniBank.
*$14.2 billion as at February 2026
