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.
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. 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.

HistoryCelebrating 40 years – Our Journey. Publication, Victoria Teachers Mutual Bank.

YearHistory
1972VTU Credit Union established by 48 educators and $480 start-up capital
1973Membership numbers were 334 and assets of $39,250
1975Introduction of monthly newsletter ‘Slate’
1976Commenced recruitment of School representatives and School visits initiated
1977Financials indicated surplus budget overcoming operating deficit of formative years
19775,338 Members
1979Bond opened up to non government Schools
1980Redicash service introduced meaning Members could withdraw cash from any bank in Australia
1981Official opening of the VTU Credit Union's Camberwell building by the Governor of Victoria Sir Henry Winneke
1983Opened Moonee Ponds branch
1986Significant year – Government teachers able to deposit whole salary to credit union account
1987Number one credit union in Victoria based on asset size
198737,559 Members
1989Applevest Pty LtdFinancial Planning service introduced
1991Membership exceeded 45,000 and assets had surpassed $180 million
1993Direct debits introduced
1995Shareholding Membership had reached 50,271 by 30 June
1996Assets exceeding $250 million
1998Launch of website victeach.com.au
2000Internet Banking service introduced
2002Membership had exceed 60,000 and assets were over $500 million
2005Expanded Home Loan range to match other institution offerings
2007Mobile Lending team established
2008Reached $1 billion in assets and membership exceeded 79,000
2008More use of technology including online newsletters, communications and online security
2010Introduction of online account opening and online statements
2011Launch of Mobile Banking service
2012Membership exceeding 86,000, assets over $1.6 billion and new era as a Mutual Bank
2013Awards continue as a Mutual Bank, having received three Mutual Bank of the Year awards
2014Corporate citizenship program evolving with over $500,000 in support provided to the education community
2017The bank is renamed Bank First