In 1966 Teachers Credit Union was established by teachers, for teachers. Since the humble beginnings, they’ve grown from 29 members and $644 in deposits, to over 156,000 members and $4 billion in assets. Not bad when you think that their very first meetings was held in a tennis shed!
Their success was born out of a dream and a vision to give teachers and their families better financial options. For three years the founding members worked tirelessly to gain approval to launch the Credit Union. With volunteers processing work it wasn’t long before teachers used their lunch hours to bank with them. Their members saw this as same day service and thus began their strong service ethic.
Building on 47 years of success as a mutual financial institution, they asked members to support a proposal to change their name. After an overwhelming response at both the AGM and through proxy votes in November 2011, and gaining APRA approval in early 2012, they became Teachers Mutual Bank in April 2012.
Becoming a mutual bank has allowed them to strengthen their competitiveness in the financial services market. This means they can create better products and services, reduce costs and pass the savings directly on to you.
They may have changed to Teachers Mutual Bank, but their philosophy hasn’t. They’re committed to helping you save money, build wealth and enjoy financial wellbeing throughout your lifetime. They never forget that it’s their members who benefit from their financial performance. That’s why they have always put you first.
They focus on five pillars of sustainable business practices being:
They’re advocates for you. They’re here to give teachers and their families better options and ultimately, a better way of life. So while some things have changed, one thing will always stay the same. And that’s their unwavering commitment to their members.