Our proposed merger with Australian Mutual Bank Limited

Merger

On this page you can learn more about our proposed merger with Australian Mutual Bank Limited.

As a member of Teachers Mutual Bank Limited, 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.
Two staff members are sitting happy over the proposed merger.

Benefits of the proposed merger

In bringing the two trusted banks together, it would create one of Australia’s largest customer owned banks an organisation with $13.4 billion in total assets, almost 300,000 members, 750 employees and an expanded branch footprint.

Combining the financial strength of both banks increases scale and provides a platform for strong investment in enhanced products and services, modern technology, safety and security, and digital banking services.

Together, the merged bank has given the commitment for enduring support to the industries and communities that support it, through sponsorships, scholarships and other community partnerships.

100% in a circle; representing both banks' commitment to remaining customer owned.

Mutuality
We will remain 100% customer-owned
An icon of a bank branch; representing the new options for banking in person that the merger will provide with the same number of branches retained.

More branches
The same number of branches will be retained, giving members increased access to face-to-face services
An icon of a person; representing the opportunities the merger will present to our people.

For our people
Our combined 750 people will have broader career opportunities and there will be no forced redundancies as a result of the merger
A dollar sign with a plant growing out of it; representing the sustainable investment the merger will enable.

For our members
Our combined financial strength will increase investment in member service, modern technology, and safety and security.
A shield with a tick on it; representing the familiar brand Australian Mutual being retained.

Familiar
Upon merging, the Australian Mutual Bank brand will be retained
An icon of two hands holding a heart; representing the support the bank will continue to provide to the community.

Supporting our communities
We will continue to support the industries and communities that support us through sponsorships, scholarships, and other community partnerships. The merged bank would also continue Australian Mutual Bank Limited’s participation in the Australian Mutual Foundation. The merged bank will also continue to support the Australian Mutual Foundation.
The Certified B Corporation logo; representing our commitment to maintaining the certification.

Profit for purpose
We will operate as profit for purpose, retaining our B Corporation Certification.
An award ribbon with a love heart in the field; representing the great service both banks are known for.

Award-winning service
We will continue to offer and deliver the great service you know and trust.

What’s next?

Completion of the merger remains subject to due diligence, approval by regulators and our members. Subject to these approvals, target completion date for the merger is 2026.

About Australian Mutual Bank Limited

Australian Mutual Bank Limited has been providing banking, loan, and investment services to the community since 1953. It serves 60,000 members, has total assets of $1.84 billion, and 150 employees. The bank aims to be its members’ first choice for the provision of banking services and is a proud supporter of its local community and the Australian Mutuals Foundation.

FAQs

Why are you proposing to merge?

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.

What are the impacts of the merger on my account details?

Should the merger be approved, over time 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.

Will I be able to bank in an Australian Mutual Bank branch?

In the longer term, yes, that is our intention, however this will take time.

Will I still be a member of Teachers Mutual Bank Limited if the merger proceeds?

Yes. The merger will not change the rights and liabilities of Teachers Mutual Bank Limited’s members.

What is the impact of the proposed merger on employees?

The combined organisation will offer broader career opportunities for our people and there will be no forced redundancies as a result of the merger.

Is this a demutualisation of Teachers Mutual Bank Limited?

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.

What will be the corporate name of the merged entity?

Teachers Mutual Bank Limited.

What brand will the merged entity operate under? / What is happening to the Australian Mutual Bank brand?

Upon merging, the Australian Mutual Bank Limited brand will be retained alongside the Teachers Mutual Bank Limited retail brands (Teachers Mutual Bank, Health Professionals Bank, Firefighters Mutual Bank, UniBank, and Hiver).

When will members be asked to vote?

If, following due diligence, both Boards decide to recommend a merger, members of both banks will be asked to vote on the proposed merger.

It is expected a vote will be held during 2026. Members will be provided an information pack ahead of being asked to vote.

Will this affect Teachers Mutual Bank Limited B Corporation commitment?

Both Teachers Mutual Bank Limited and Australian Mutual Bank Limited currently have B Corporation Certification. The merged entity will maintain this commitment.

How will the Board be composed?

The merged Board will include the Board of Teachers Mutual Bank Limited and two representatives from the Australian Mutual Bank Limited’s Board.

Who will be the CEO?

The CEO of Teachers Mutual Bank Limited, Anthony Hughes will be the CEO of the merged entity.

Does the merger need regulatory approval?

Yes. The proposed merger requires approval from regulators including the Australian Prudential Regulation Authority (APRA), ASIC, ATO and the Federal Treasurer.