In 2022, Australian Mutual Bank and Community First Bank entered into a Memorandum of Understanding (MoU) to initiate discussions about the possibility of merging our operations. This decision was driven by a shared objective to explore growth opportunities and enhance our respective services to benefit our valued members.

Over the course of these discussions, both organisations dedicated time and resources to thoroughly assess the compatibility of a merger. However, after careful consideration and extensive deliberation, we were unable to reach a mutually agreeable arrangement that would fulfil the shared goals and strategic direction of both Australian Mutual Bank and Community First Bank. While disappointing, this outcome is not uncommon in merger discussions, as aligning the diverse objectives and aspirations of two organisations is a complex and intricate process.

Australian Mutual Bank remains committed to serving our members and continuing our mission to provide exceptional financial services and support. We appreciate the constructive and collaborative approach taken by Community First Bank throughout this process, and we value the insights gained from our discussions. Moving forward, we will remain focused on strengthening our position as a trusted financial institution, and delivering the outstanding service that our members have come to expect.

While this merger did not materialise, we remain open to future opportunities that align with our strategic vision. We extend our gratitude to our members, employees, and stakeholders for their ongoing support and understanding during this period of exploration.

Rest assured, our commitment to sustainability and financial well-being of our members remains unwavering, and we look forward to a bright and prosperous future for Australian Mutual Bank.

19 June 2023