Joint Statement from Border Bank, a division of Police Bank Ltd, and Transport Mutual Credit Union

19 August 2026

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

Border 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. Border Bank has grown from its policing roots to support The Border Force 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? Border 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  

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