Teachers Mutual Bank Limited has completed and formalised the merger of Firefighters Mutual Bank with Firefighters Credit Co-operative Limited, boosting the former's membership and presence in the Victorian emergency services sector.
With the merger, around 3,000 members of Firefighters Credit Co-operative Limited will be part of Firefighters Mutual Bank. This means that they will have access to a wider range of products and services such as a mobile banking app, free and unlimited ATM withdrawals, NPP, and the opportunity to apply for fixed rate loans and credit cards.
Jim O'Connell, general manager at Firefighters Mutual Bank, said the merger makes sense given the shared values and commitment of both institutions.
"These values have continued to be present throughout the merger process, as we have worked closely with the Firefighters Credit Co-operative team, despite logistical challenges and physical distance due to COVID-19 restrictions," he said.
Steve James, CEO of Teachers Mutual Bank Limited, said the merger will expand the footprint of Firefighters Mutual Bank in the Victorian emergency services sector.
"We look forward to ongoing investment in the state and welcoming new members to the Teachers Mutual Bank Limited family. The completion of this merger promotes our growth trajectory and helps us on our mission: to deliver high quality financial products and services to essential workers," he said.
The merger with Firefighters Credit Co-operative Limited is among the list of proposed deals Teachers Mutual Bank Limited is planning to take on this year. In January, the group has announced its plans to merge with the Victorian-based Pulse Credit Union. The proposal will require regulatory approval from APRA, before going to a vote by Pulse Credit Union’s membership.