Bank First
Bank First, formerly known as Victoria Teachers Mutual Bank, is an Australian financial institution with more than 110,000 customers, and over $2.69 billion in assets. Based in the state of Victoria, it is one of a handful focussing on the education and healthcare communities, but still offering service to the wider community. Services provided by the bank include everyday banking, loans, insurance, and financial planning.
 | |
| Industry | Banking |
|---|---|
| Founded | 1972 |
| Headquarters | Hawthorn East, Victoria |
Area served | Australia |
Key people | William Wolke, (CEO) Bernie Lloyd, (Chair) |
| Products | Retail Banking School & Preschool Banking Insurance Wealth Management |
| Total assets |  |
| Website | Bank First |
As a mutual bank, Bank First is owned by its customers and not external shareholders. Each customer owns an equal share of the organisation, and profits are reinvested into the bank and its target communities, rather than external shareholders.[2][3] Being a customer owned financial institution; Bank First is an Authorised Deposit taking Institution and is regulated by the same authorities as other banks, with the same safeguards. This includes the Commonwealth Government's bank deposit guarantee.
The head office is located at 117 Camberwell Road, Hawthorn East, Victoria. The bank was renamed Bank First from Victoria Teachers Mutual Bank in December 2017.
History[4]
| Year | History |
|---|---|
| 1972 | VTU Credit Union established by 48 educators and $480 start-up capital |
| 1973 | Membership numbers were 334 and assets of $39,250 |
| 1975 | Introduction of monthly newsletter ‘Slate’ |
| 1976 | Commenced recruitment of School representatives and School visits initiated |
| 1977 | Financials indicated surplus budget overcoming operating deficit of formative years |
| 1977 | 5,338 Members |
| 1979 | Bond opened up to non government Schools |
| 1980 | Redicash service introduced meaning Members could withdraw cash from any bank in Australia |
| 1981 | Official opening of the VTU Credit Union's Camberwell building by the Governor of Victoria Sir Henry Winneke |
| 1983 | Opened Moonee Ponds branch |
| 1986 | Significant year – Government teachers able to deposit whole salary to credit union account |
| 1987 | Number one credit union in Victoria based on asset size |
| 1987 | 37,559 Members |
| 1989 | Applevest Pty Ltd – Financial Planning service introduced |
| 1991 | Membership exceeded 45,000 and assets had surpassed $180 million |
| 1993 | Direct debits introduced |
| 1995 | Shareholding Membership had reached 50,271 by 30 June |
| 1996 | Assets exceeding $250 million |
| 1998 | Launch of website victeach.com.au |
| 2000 | Internet Banking service introduced |
| 2002 | Membership had exceed 60,000 and assets were over $500 million |
| 2005 | Expanded Home Loan range to match other institution offerings |
| 2007 | Mobile Lending team established |
| 2008 | Reached $1 billion in assets and membership exceeded 79,000 |
| 2008 | More use of technology including online newsletters, communications and online security |
| 2010 | Introduction of online account opening and online statements |
| 2011 | Launch of Mobile Banking service |
| 2012 | Membership exceeding 86,000, assets over $1.6 billion and new era as a Mutual Bank |
| 2013 | Awards continue as a Mutual Bank, having received three Mutual Bank of the Year awards |
| 2014 | Corporate citizenship program evolving with over $500,000 in support provided to the education community |
| 2017 | The bank is renamed Bank First |
References
- Roy Morgan customer satisfaction research
- https://www.bankfirst.com.au/about-us/our-bank/awards
- Celebrating 40 years – Our Journey. Publication, Victoria Teachers Mutual Bank.