We’re a new bank. But we’re over 50 years old

Although Sydney Mutual Bank was launched on 1 October 2019, we have been helping the people of Sydney and beyond with their finances since the early 1960s.

For over five decades we operated as a credit union, offering the same services a bank does. In 2019 we swapped from a credit union to a bank and changed our name from Sydney Credit Union to Sydney Mutual Bank. What hasn’t changed, and our intention is that it never does, is that we are a ‘mutual organisation’. Every person who banks with us is an equal owner and we exist solely to benefit them; not to profit from them.

An alternative to traditional banks

In the 1960s borrowing money was difficult and restrictive. Our founding directors set about creating a compassionate not-for-profit organisation to provide employees of the City of Sydney Council with an alternative to banks and pay day lenders. It’s a flag we proudly continue to fly. Over the years word spread. Our modest enterprise grew to 12 other councils, broadened to industries seeking financial protection for their employees and expanded through numerous mergers with credit unions that operated with similar philosophies and values to our own. We reached out further into the community by increasing our range of services and making them available to all members of the public. Gradually we spread geographically as well, opening branches throughout the Sydney metropolitan area and as far away as Parkes and the Blue Mountains.

A merger with Endeavour Mutual Bank and the formation of Australian Mutual Bank

2019 was a big year. We merged with Endeavour Mutual Bank (founded in 1953) to form a robust organisation of 75,000 members and total assets of more than $1.5 billion. Sydney and Endeavour Mutual Banks continue to operate as individual brands, but under the joint umbrella of Australian Mutual Bank. This enables us to share resources - including staff - and invest in our online banking technology and member services. Importantly, it helps to reduce the substantial combined regulatory and compliance costs of running a financial institution. Naturally, the benefits go through to our members.

The merger also creates a bigger branch network. Because both brands operate on a single banking platform, members are warmly welcome at all branches and have access to the same banking services.