Teachers Mutual reaches the $10 billion milestone
Teachers Mutual Bank has accrued $10 billion in assets – a new milestone for the mutual bank celebrating 55 years of operation.
Chief financial officer, Glenn Sargeant, attributes the milestone to the bank’s implementation of a digital-first strategy as well as stainable growth.
“Since our humble beginnings in the 1960s when Teachers Credit Union had just 29 members and $644 in deposits, it’s amazing to see how Teachers Mutual Bank has grown into one of Australia’s most competitive and socially responsible financial institutions,” he says.
He says the bank's growth in home loans has been achieved by ensuring its fixed-rate home loan offering has been competitive in the heated market. It has also ensured its home loan offering is simple to understand and suits its members’ needs.
“In FY2020-2021, we are proud to have lent $2.3 billion in nearly 8,000 loans and approved close to 1,000 credit cards,” says Sargeant.
“Earlier this year in May we reached $8 billion in retail deposits. Throughout the COVID-19 lockdowns, our members went into savings mode,” says Sargeant.
“Given that our bank serves essential workers in education, emergency services and health care and their families, many of our members have been fortunate to keep steady income throughout the pandemic.”
Teachers Mutual Bank recently welcomed 6,000 new Members following the successful completion of a merger with Pulse Credit Union Limited in Victoria. It now has around 227,000 members across Australia.
“As a mutual, having a strong asset base means we are positioned well to continue to meet our members’ needs into the future,” says hair, Maree O’Halloran.
“While $10 billion in assets represents an important financial milestone, we also aim to maintain our track record for consistently high levels of member satisfaction.”