The combined entity to have $14.2 billion in total assets, around 280,000 members
Teachers Mutual Bank Limited and Australian Mutual Bank will officially join forces to create one of Australia’s largest mutual banks, after members of both organisations voted strongly in favour of a merger.
The two customer-owned banks first signed a Memorandum of Understanding (MoU) to explore a potential merger in December 2024.
Both mutuals comfortably exceeded the required 75% approval threshold, paving the way for final regulatory sign-off ahead of the planned merger implementation date of 1 May 2026.
The combined entity will operate under the Teachers Mutual Bank Limited name and will have $14.2 billion (as at February 2026) in total assets, around 280,000 members and more than 750 employees.
The bank says members will benefit from a combined 130 years of operating history, alongside greater capacity to invest in customer service, competitive products, digital banking capability, and enhanced scam and fraud prevention measures.
Current Teachers Mutual Bank Limited chair Andrew Kearnan will chair the merged bank, while Teachers Mutual Bank Limited chief executive Anthony Hughes will lead the organisation in the same role.
Kearnan said the strong member endorsement reflected the alignment between the two mutuals and their shared purpose.
“Our strategic intent is to create an even stronger, more resilient, future-ready bank that’s 100% owned by its members – and it's fantastic to see such strong support across our membership as we take this important step forward,” he said. “Combining our two trusted and financially strong banks means we can deliver more for our members over the long term while bringing banking for good to more Australians.”
Hughes said the vote was a “significant strategic milestone” and thanked members for their support. “By bringing our banks together, we will have greater capacity to invest in what matters most to members,” he said, adding that focus would now shift to integrating the two organisations over the coming months.
The merged bank will remain 100% member-owned and Australian-based, with no forced redundancies as a result of the merger.
It will operate 13 branches across the ACT, NSW, Victoria and Western Australia, with the Australian Mutual Bank retail brand to sit alongside Teachers Mutual Bank, Firefighters Mutual Bank, Health Professionals Bank and UniBank.
