Joint Statement from Police Bank Ltd and Transport Mutual Credit Union

19 August 2026

Police Bank and Transport Mutual Credit Union sign MOU to explore merger

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

The proposed merger would bring together two industry bonded mutuals. Police Bank has grown from its policing roots to support police and their families, while TMCU has longstanding ties to frontline public service, transport workers, and the Transport for NSW community.

TMCU members will be asked to vote on the proposal in early 2027. The merger will also be subject to regulatory approval.

“This is a strong fit between two member owned organisations that understand the value of serving communities with distinct working lives and needs. We look forward to welcoming TMCU members and ensuring they can continue to benefit from mutual banking for the long term. Together, we can build greater scale to keep investing in the service, products and technology our members expect, without losing the member first approach that defines us.”

— Greg McKenna, CEO, Police Bank

“Our Board has approached this decision carefully and with one question front of mind: what will best serve TMCU members for the long term? Police Bank shares our commitment to member ownership, personal service and essential worker communities. We believe this merger gives our members the benefits and capability of a stronger mutual while preserving the values and service they know from TMCU.”

— John Kavalieros, CEO, Transport Mutual Credit Union

FAQ

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.

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.

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.

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

Please contact Police Bank at membersquestions@policebank.com.au. Our team is here to help with questions about the proposed merger. More detailed information will also be provided as the process progresses.