Bank First was born when a group of 48 educators came together with a shared belief.
They had grown disenchanted with the way many Australians were being treated by the big banks and wanted a financial institution that placed a value on what people did for the community – not simply by how much money they made.
So in 1972, they started their own financial institution - a mutual bank owned entirely by customers.
Founded on care and compassion, our first loan was to a single mother for a bond to acquire housing for herself and her two children.
After 4 decades of financially empowering educators to realise their dreams, we are still driven by the same founding values and focus on putting our customers first.
Formerly Victoria Teachers Mutual Bank, we changed our name in December 2017, to one that reflects our mutual bank’s focus on putting our customers first.
At Bank First we’re invested in you.
Our Promise
At Bank First, we’re invested in you.
As we are owned entirely by our customers, we exist to financially empower people to realise their dreams – not to make money for shareholders.
Since 1972 we have helped over 200,000 Australians with their banking needs; from managing their money and saving for a rainy day, right through to purchasing their first home and planning for retirement.
Driven by care and compassion, we are committed to providing a better banking experience to all the people and occupations that drive a better community.
From the products and services we offer, through to our dedicated customer service staff, we pride ourselves on putting our customers first.
Our Commitment
As part of our commitment to the customer owned banking sector, we follow theCustomer Owned Banking Code of Practice, which is our promise to you that:
We will deliver banking services in the interests of our customers.
We will obey the law.
We will not mislead or deceive.
We will act honestly and fairly.
We will offer products and services that are fit for general purpose.
We will deliver services with reasonable care and skill.
We will contribute to our community.
FAQs
A mutual savings bank is owned by its depositors. A mutual holding company, meanwhile, is created when a mutual company (such as a mutual savings bank or mutual insurance company) converts to a parent company. For owners of the original mutual company, it typically means exchanging mutual rights for stock ownership.
What is the difference between a mutual bank and a normal bank? ›
A customer owned bank is also known as a credit union, mutual or building society. Unlike other banks that are owned by external investors, customer owned banks are owned by their customers (or members). This is the reason why customer owned banks can put their customers first.
What is the difference between a credit union and a mutual bank? ›
Mutual banks also offer an element of stability because they are independent and not publicly traded. Lastly, mutual banks are typically very community-focused and make significant financial contributions to their communities. Credit unions are also customer-focused, however, their structure is similar to a non-profit.
Which are called our mutual bank? ›
A mutual bank is a financial institution that specializes in offering savings accounts and originating home mortgages, and is owned (but not controlled) by depositors. Mutual banks don't report to shareholders, and they're typically known for prioritizing community giving more than other financial institutions.
How many mutual banks are there in the US? ›
How many mutual banks are there in the United States? Today, there are 494 mutual banks located in 45 states. The states with the most mutual banks are Massachusetts (92), Illinois (38), Ohio (41) and Pennsylvania (40).
What is the purpose of a mutual bank? ›
Being a mutual bank – run on behalf of our members, who are customers and equal owners – gives us an in-built ethical advantage. Our purpose is to benefit the people who bank with us, not to extract profit from them and distribute it to outside shareholders.
What bank makes the most money? ›
A chart showing the top 10 largest US banks by asset, March 2024.
- JPMorgan Chase – $3.5 trillion. ...
- Bank of America – $2.6 trillion. ...
- Wells Fargo – $1.7 trillion. ...
- Citibank – $1.7 trillion. ...
- U.S. Bank – $669.4 billion. ...
- PNC – $562.0 billion. ...
- Goldman Sachs – $549.2 billion. ...
- Truist Bank – $526.7 billion.
Are mutual fund investments safe? Market-linked mutual funds are subject to market risk that can be caused by several reasons such as changes in policy, macroeconomic conditions, pandemics, poor investor confidence and so on. Therefore it is a good idea to go through document papers carefully before investing.
Why are banks called mutual? ›
Mutual banks are not owned by any one individual or entity. Instead, mutual banks are owned by their depositors and do not have capital stock or stockholders. And while these banks are owned by their depositors, their depositors are neither stockholders nor members, and have no vote in how the bank operates.
Which is safer, banks or credit unions? ›
Credit unions are generally considered to be safer than banks during economic downturns due to their conservative approach to risk and their emphasis on financial robustness.
Credit unions tend to have lower interest rates for loans and lower fees. Banks often have more branches and ATMs nationwide. Many credit unions have shared branches and surcharge-free ATMs provided through the CO-OP Shared Branch network. Banks have historically had better technology online and for mobile apps.
What is the downside of banking with a credit union? ›
Credit unions tend to have fewer branches than traditional banks. A credit union may not be close to where you live or work, which could be a problem unless your credit union is part of a shared branch network and/or a large ATM network such as Allpoint or MoneyPass. May offer fewer products and services.
Do mutual banks take deposits? ›
Yes. We're proud of our longtime relationship with the Federal Deposit Insurance Corporation (FDIC), which goes back since 1935! Learn more about the FDIC and our commitment to keeping your money safe and secure.
Who bought Bank Mutual? ›
Green Bay-based Associated Banc-Corp has completed its purchase of Bank Mutual Corp.
What is the difference between a commercial bank and a mutual bank? ›
Unlike commercial banks, savings banks have no stockholders; the entirety of profits beyond the upkeep of the bank belongs to the depositors of the mutual savings bank. Mutual savings banks prioritize security, and as a result, have historically been characteristically conservative in their investments.
Who are the shareholders of a mutual bank? ›
Mutual banks are not owned by any one individual or entity. Instead, mutual banks are owned by their depositors and do not have capital stock or stockholders. And while these banks are owned by their depositors, their depositors are neither stockholders nor members, and have no vote in how the bank operates.
Who owns the mutual company? ›
A mutual insurance company is one that is owned by its policyholders, not by outside investors. This makes it different from a stock insurance company, which is owned by shareholders and traded publicly.
Who are mutual savings banks insured by? ›
Like credit unions, mutual saving banks are community-based institutions. But while credit unions are non-profit and NCUA-insured, MSBs are for-profit and FDIC-insured.
