Office address: Level 6, 574 St Kilda Road, Melbourne VIC 3004
Website: firstoptionbank.com.au
Year established: 1965
Company type: mutual banking
Employees: 20+
Expertise: home loans, personal banking, digital banking, credit cards, savings accounts, business banking, risk management, cyber security, member service, financial planning
Parent company: N/A
Key people: Dean Jepsen (CEO), Elsbeth Torelli (chief risk officer), Ross Mumby (senior risk and compliance officer), Louisa Hage (sales specialist), Helen Haritopoulos (head of lending), Alexander Vladica and Rhonda Elsayed (managers)
Financing status: corporation (member-owned)
First Option Bank is a member-owned mutual bank that was created by workers for workers in Australia. It offers home loans, savings accounts, credit cards and digital banking, with a focus on personal service. The bank is known for its strong community roots, friendly staff and commitment to supporting members through changing times.
First Option Bank traces its roots to 1965, when TAB Staff & Agents Credit Union was created in New South Wales for public service and gaming sector employees. In 1972, Flying Horse Credit Union started in Victoria which catered to Mobil Oil Australia workers.
Both credit unions worked to deliver fair banking, building trust and strong relationships with their members over the years:
1993: Australia Petro Chemical Credit Co-op merged, bringing in more industry clients
1994: Australia Synthetic Rubber Credit Co-op joined, expanding the membership base
1997: VICTAS Credit Co-operative adopted the First Option Credit Union name
1998: Carboy Credit Co-op merged, welcoming manufacturing sector members
2005: TAB Staff & Agents and Flying Horse united as First Option Credit Union
2008: Ericsson Employee Credit Union joined, growing the technology sector reach
2016: Old Gold Credit Union merged, adding further strength
2018: Transitioned to First Option Bank, keeping a member-first focus
2024: Launched new digital banking and relocated staff to Bankstown
On 26 August 2025, First Option Bank celebrates its 60th anniversary as a member-owned institution. This milestone highlights a legacy of people, purpose and community spirit. Nearly 10,000 members from a wide range of industries now rely on its banking solutions.
No matter if members are buying their first home, upgrading or investing, First Option Bank offers a range of flexible options:
simple home loan: low rate, free redraw, extra repayments, no application or annual fees
complete home loan: offset account, extra repayments, free redraw, no application fee
credit cards: low-rate cards for everyday spending and balance transfers
savings and deposits: bonus saver, term deposits, kids bonus saver, business bonus saver
business banking: business bonus saver account with high interest and flexible access
digital banking: upgraded internet and mobile banking, improved security and user experience
other services: personal loans, transaction accounts, insurance, financial planning
First Option Bank’s services are designed to support members at every stage of life. The bank’s approach centres on respect, value and building financial confidence.
First Option Bank puts people first, focusing on members, staff and families in every decision. Many team members have decades of experience, which helps deliver friendly support and reliable service. The bank’s values are:
Many team members have over 20 years of experience, offering steady support and expert help to members. Staff enjoy a positive workplace and real opportunities to grow, with benefits such as:
First Option Bank is owned by its members and puts their interests ahead of profits. The bank is proudly carbon neutral and supports community programs that drive positive change. Funding goes towards local projects and environmental efforts.
Dean Jepsen has been CEO of First Option Bank since 2018, guiding strategy and making sure rules are followed. He was CEO at First Option Credit Union Limited before this role. Dean is skilled in managing budgets, tracking results and meeting compliance needs.
The leadership team at First Option Bank brings a mix of skills and industry experience:
Elsbeth Torelli, chief risk officer and COO, has served as a director at Customer Owned Banking Association (COBA) since 2018
Ross Mumby, senior risk and compliance officer, brings experience from Stratton and deep knowledge of risk management
Louisa Hage, sales specialist, helps members save for homes, cars and investment properties
Helen Haritopoulos, head of lending, assists corporate and government clients with lending needs
Rhonda Elsayed, senior relationship manager, supports corporate and government clients with tailored banking solutions
Alexander Vladica, business and technology manager, leads IT modernisation and cloud migration for the bank
First Option Bank is a proud member of the Customer Owned Banking Association and follows the Customer Owned Banking Code of Practice. This commitment ensures members receive fair, competitive services and strong support from a dedicated leadership team.
First Option Bank plans to grow by offering competitive products and personal service. The bank will keep investing in secure, easy-to-use technology to protect member data and improve digital banking.
There is a strong focus on cyber security, fraud prevention and educating members about online safety. The bank is also working on new online loan and membership application forms. Leadership remains committed to a positive workplace and a safe, respectful environment for staff.
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