Proposed Merger

19 August 2026

Proposed merger with Police Bank

Transport Mutual Credit Union (TMCU) and Police Bank have signed a Memorandum of Understanding (MoU) to explore a merger between our two member-owned banking organisations.

Your Board has spent more than 12 months carefully assessing this opportunity and believes bringing TMCU and Police Bank together is in the long-term best interests of our members.

Police Bank shares our member-first values and, like TMCU, has a long history of serving a distinct occupational community. A proposed merger would give our members the benefits of greater scale and resources, including greater capacity to invest in products, services and technology over time, while maintaining the personal service and connection to our transport and essential services community that have always been central to TMCU.

The proposed merger remains subject to regulatory approval and a vote of TMCU members. We believe our members should have a say in TMCU’s future.

For now, there is nothing you need to do. Your accounts, products and day-to-day banking continue as usual.

We will continue to keep members informed as the proposal progresses and as key milestones are reached.

If you have any questions about the proposed merger, please email merger@transportmutual.com.au, or via phone on 02 9763 3190.

Frequently Asked Questions

What is being announced?

Police Bank and Transport Mutual Credit Union (TMCU) have signed a Memorandum of Understanding (MoU) to explore a merger between the two member-owned banking organisations.

Why now? What are the benefits?

Following more than 12 months of careful consideration, both Boards believe the time is right to take the next step. By joining together, members would gain the scale and resources to support continued investment in products, technology and banking services, while remaining within a member-owned model where value is created for customers, not for shareholders.

What does the proposed merger mean for me right now?

Nothing changes today. Your accounts, products and everyday banking continue as usual while we explore the merger opportunity. You do not need to take any action because of this announcement.

How will TMCU keep me informed?

We will update members as key milestones are reached. If any changes are proposed in future, members will be told clearly and in advance.

Who can I contact if I have questions?

Please contact TMCU at merger@transportmutual.com.au, or via phone on 02 9763 3190. Our team is here to help. More detailed information will also be provided as the process progresses.

Why is TMCU proposing to merge with Police Bank?

Your Board has spent more than 12 months carefully assessing the opportunity and believes a merger with Police Bank is in the long-term best interests of TMCU members. Police Bank is also member-owned, has a strong occupational heritage and shares our commitment to personal service and community. Bringing the organisations together would give TMCU members the scale and resources of a larger mutual, including greater capacity to invest in products, services and technology over time.

Who are Police Bank?

Police Bank is a member-owned mutual bank with more than 60 years of history serving the police community. It supports police and their families and communities. Police Bank also operates a sub-brand known as Border Bank, which caters to staff and families of the Australian Border Force. Like TMCU, Police Bank was established in 1964 and operates for the benefit of members rather than external shareholders. 

Will TMCU still be member-owned?

The proposed merger would keep TMCU members within the mutual banking sector. Police Bank is member-owned, so the combined organisation would continue to focus on creating value for members rather than external shareholders.