We’re excited to announce that our Board of Directors has begun proceedings towards a potential merger with Teachers Mutual Bank Limited (TMBL).

We have entered into a Memorandum of Understanding (MOU) with TMBL under the Firefighters Mutual Bank brand to explore the possible advantages of a future merger. The MOU is not a commitment to merge, rather an initial step to allow us to investigate things further.

Why are we merging with TMBL?

The primary reason for the merger is to seek a partner to strategically position your Credit Co-operative in the market. Like other small credit unions, Firefighters Credit Co-operative Limited (FCCL) faces growing commercial and technological challenges in a rapidly changing industry.

The merger will ensure our Members become part of a larger, stronger and more geographically extensive mutual bank with greater financial resources, improved product offerings and a service focus unparalleled in the industry. TMBL has excellent corporate social responsibility credentials, a strong Member value proposition, and a cultural fit that makes it an ideal merger partner.

Both parties are strongly committed to retaining FCCL’s role as a financial service provider to the firefighting community in Victoria.

After carefully weighing up the alternatives, our Board of Directors concluded that joining forces with TMBL was the best path to securing a successful and sustainable future that would appeal to the next generation of Members.

Who is Teachers Mutual Bank Limited?

TMBL is one of Australia’s largest mutual banks with over 210,000 Members across the country and more than $8 billion in assets. It has a well-established national identity and is in its 54th year of operation. Historically, TMBL’s success as a financial service provider has been built on sustained, largely organic growth achieved through excellence in service delivery to its Members. This is demonstrated by the awards and accomplishments the Bank has achieved including:

  • Members rated Firefighters Mutual Bank 92% Member satisfaction in 2019
  • Firefighters Mutual Bank was named one of the World’s Most Ethical Companies® for the last 3 years
  • All new mortgage and savings accounts are certified socially responsible products by RIAA

To find out more about TMBL visit www.tmbl.com.au or Firefighters Mutual Bank website www.fmbank.com.au


In order for any merger to proceed, three things need to happen.

  • We must complete a due diligence process with TMBL. This exercise will commence in August/September 2020.
  • Subject to the due diligence requirement being successfully completed, FCCL Members have to be given the opportunity to vote on the desirability of any proposed merger. Given the current circumstances in Victoria, this is likely to be a postal ballot. A proposed merger can only proceed if 75% of Members voting support the proposal recommended by the Board of Directors.
  • The merger arrangement as approved by the Members of FCCL would still require the approval of the industry regulators.


We’re still here to help you

I personally wanted to assure you if the merger between our organisations were to proceed, there would be relatively little impact for you as a FCCL Member in terms of day to day services. Our identity as a firefighters’ financial institution and our culture would also be unchanged. There will be no forced staff redundancies and our current staff will be there to support you.

The Board of Directors believes that this proposed merger with TMBL presents a wonderful opportunity for Members to help build a truly sustainable future for the superior quality of financial services that Members have come to expect from FCCL.

What’s coming next?

More detailed information about the proposed merger arrangement will be provided to all Members prior to the Special General Meeting.

Should you have any questions, or if you wish to provide any feedback, please contact us via This email address is being protected from spambots. You need JavaScript enabled to view it. or call us on (03) 8417 1777.

Thank you for your continued support, and we look forward to keeping you updated through this important development.

Aust. Government Guaranteed Deposits

On the 10th September, 2011 the Federal Government made alterations to the Government Guarantee Scheme.

The Financial Claims Scheme (FCS) protects depositors through the provision of a guarantee on deposits (up to the cap) held in authorised deposit-taking institutions (ADI's) incorporated in Australia and allows quick access to their deposits if an ADI becomes insolvent.

Vintage photo of firetrucksFirefighters Credit Co-operative was formed from the idea of the welfare officer from within the Metropolitan Fire Brigade (Mr Fred Tyson) being concerned with the welfare of firefighters and their families facing financial hardships in 1974.

After a series of meetings held in early 1975 in the old Eastern Hill fire station flats, a steering committee was formed and the Co-op was finally incorporated in February 1976. Formerly known as the UFU Credit Co-operative it was run on a volunteer basis with assistance from United Firefighters Union.

Firefighters Credit Co-operative Staff
General Manager
Bob Malcolm

Operations Manager
Rhonda Kirby

Field Officer

David Whyte

Senior Loans Officer
Mark Goodwin

Member Service Officer
Raj Bamrah

Member Service Officer
Lyn Brown

fcs logo

Financial Claims Scheme (Federal Government Deposit Guarantee)

The Financial Claims Scheme (Federal Government Deposit Guarantee), managed by APRA, provides protection for your deposits. It means that the combined value of customer’s deposits/investments up to the value of $250,000 held by Firefighters Credit Co-operative are guaranteed by the Australian Government.

The key responsibilities of the Board include:

Strategy and Policy

  • Approving the strategic direction of the Credit Co-operative.
  • Monitoring the implementation of current strategic initiatives to ensure they are on schedule, on budget and producing effective results.
  • Ensuring all major business risks are identified and appropriate policies are in place to effectively manage those risks.
  • Approving major decisions, and, where appropriate, making recommendations to members via general meetings.
  • Delegating appropriate authority to the Chief Executive Officer.
  • Overseeing the establishment and maintenance of reporting systems and internal controls.
  • Establishing appropriate communication structures with stakeholders.
  • Ensuring an effective committee structure is in place to support the Board in its decision making process.
  • Reviewing Board processes and effectiveness, including succession planning for the Board and key executives.

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