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The new deputy chair has been a director at the mutual since 2019 and takes on the position ahead of the bank’s planned merger.
Teachers Mutual Bank Limited (TMB) has appointed former NSW government cabinet minister Verity Firth as the mutual’s new deputy chair.
Firth has been a director of TMB since 2019 and is an experienced executive and director with a career spanning the education, government, and not-for-profit sectors.
She began in the role on Monday (26 May).
A qualified lawyer, Firth currently holds the role of vice-president societal impact, equity, and engagement at the UNSW and is deputy chair of non-profit organisation James Martin Institute for Public Policy.
She has an extensive political career and was previously a member for Balmain in the NSW Parliament and also served as minister for education and training and as a cabinet minister in the state government.
Firth was awarded the Member of the Order of Australia (AM) in the 2023 Australia Day Honours List in recognition of her service to the Parliament of NSW and social inclusion.
She currently serves on the boards of The Front Project, which focuses on early childhood education, and Engagement Australia, which supports collaboration in the higher education sector.
Commenting on her appointment, TMB chair Andrew Kearnan said: “Verity’s broad experience coupled with her passion for the education sector – and for our member-owned bank – strengthen and complement the skills of our board.
“As we look to the future for our members, Verity will continue to make a valuable contribution to the governance and strategy of the bank.”
Speaking about the new role, Firth said: “Teachers Mutual Bank Limited is proudly member-owned, and strongly advocates for the professions it serves. It’s been an honour to serve as a director for the past six years, and it’s a privilege to be named deputy chair.
“It’s such an exciting time for the bank. I look forward to continuing to support the financial wellbeing of members working in industries and professions that strengthen our communities and our nation.
“I look forward to continuing to work with the board and executive team to ensure Teachers Mutual Bank Limited continues to deliver its purpose of banking for good, for those who do good.”
The new deputy chair appointment comes ahead of Teachers Mutual Bank Limited’s planned merger with Australian Mutual Bank.
Last week, the boards of both TMB and Australian Mutual Bank Limited (AMB) formally endorsed a proposal to recommend merging the two mutual banks, following the completion of a successful due diligence process.
If members vote in favour of the scheme (expected in 2026) and all regulatory approvals are met, the two longstanding mutuals would increase their customer base to over 300,000 and have combined assets of $13.4 billion.
The proposed merger will be submitted for regulatory approval prior to being put to members for approval.
Over the past decade, both TMB and Australian Mutual Bank have actively participated in mutual banking sector consolidation, which has seen the number of mutual banks almost halve.
In the past three years, consolidation has accelerated, with eight of the largest mutual banks either merging or announcing intentions to merge.
[Related: Teachers Mutual and Australian Mutual boards endorse proposed merger]
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