Teachers Credit Union opens as a bank
(3 April 2012 – Australia) The Teachers Credit Union will now become the latest mutual to open its doors as a bank – with the new name Teachers Mutual Bank.
It becomes the biggest credit union so far to add the word "bank" to its name.
For Teachers, the move is aimed at capturing the perceptions around the word bank - namely safety and stability - and use this to grow its business.
The addition of 46-year-old Teachers takes the number of credit unions and building societies going down that path to six. Other recent additions include bankmecu and Defence Bank.
But this represents just a quarter of the more than 20 that could qualify.
''We just think the word bank would give that added security and safety,'' said Teachers chief executive Steve James. ''With that added security of having 'mutual bank' in the name, we should be able to attract a lot more customers,'' he said.
Teachers ranks as the third largest credit union with more than A$3.8 billion in assets.
For Teachers, the move is aimed at capturing the perceptions around the word bank - namely safety and stability - and use this to grow its business.
The addition of 46-year-old Teachers takes the number of credit unions and building societies going down that path to six. Other recent additions include bankmecu and Defence Bank.
But this represents just a quarter of the more than 20 that could qualify.
''We just think the word bank would give that added security and safety,'' said Teachers chief executive Steve James. ''With that added security of having 'mutual bank' in the name, we should be able to attract a lot more customers,'' he said.
Teachers ranks as the third largest credit union with more than A$3.8 billion in assets.
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