IMB Bank is an Australian

mutual bank A mutual bank is a cooperative financial institution owned by its depositors or customers. They include mutual organization, mutual savings banks and cooperative banking. Unlike traditional banks, which prioritize shareholder profits, mutual banks ...

established in 1880. In 2020, IMB Bank was voted by

Forbes ''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The co ...

as one of the World's Best Banks, and, in 2022, was found by financial services research company Canstar to have Australia's Most Satisfied Customers for both the Bank and Mutual Bank categories. IMB Bank has over $7.3b in assets and is regulated by the

Australian Prudential Regulation Authority The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the recom ...

, (APRA). It is a member of the Customer Owned Banking Association (COBA), an independent organisation representing mutual banks, building societies and credit unions.

History

IMB Bank was established in 1880 in the port community of

Wollongong Wollongong ( ; Dharawal: ''Woolyungah'') is a city located in the Illawarra region of New South Wales, Australia. The name is believed to originate from the Dharawal language, meaning either 'five islands/clouds', 'ground near water' or 'sound ...

, 85km south of

Sydney Sydney is the capital city of the States and territories of Australia, state of New South Wales and the List of cities in Australia by population, most populous city in Australia. Located on Australia's east coast, the metropolis surrounds Syd ...

. It began life as the Illawarra Mutual

Building Society A building society is a financial institution owned by its members as a mutual organization, which offers banking institution, banking and related financial services, especially savings and mortgage loan, mortgage lending. They exist in the Unit ...

, with the express purpose of “enabling people to become their own landlords”. It grew throughout southern

New South Wales New South Wales (commonly abbreviated as NSW) is a States and territories of Australia, state on the Eastern states of Australia, east coast of :Australia. It borders Queensland to the north, Victoria (state), Victoria to the south, and South ...

over subsequent decades, entering the

market in 1989,

Melbourne Melbourne ( , ; Boonwurrung language, Boonwurrung/ or ) is the List of Australian capital cities, capital and List of cities in Australia by population, most populous city of the States and territories of Australia, Australian state of Victori ...

in 2006 and, after a successful merger with the Hunter United Credit Union, the

Newcastle Newcastle usually refers to: *Newcastle upon Tyne, a city and metropolitan borough in Tyne and Wear, England, United Kingdom *Newcastle-under-Lyme, a town in Staffordshire, England, United Kingdom *Newcastle, New South Wales, a metropolitan area ...

Hunter Region The Hunter Region, also commonly known as the Hunter Valley, Newcastle Region, or simply Hunter, spans the region in northern New South Wales, Australia, extending from approximately to north of Sydney. It contains the Hunter River (New Sout ...

in 2020. IMB became a mutual bank in 2015, formally rebranding as IMB Bank.

Products and services

IMB provides members with retail banking (home and personal lending, savings and transaction accounts, term deposits) and business banking products, and access to general insurance and financial planning services. IMB Bank customers have access to internet, phone and app banking, supported by an Australian-based contact centre, located at the company's head office in Wollongong. The bank has an extensive branch network, currently numbering 52 across NSW, the ACT and Melbourne.

Community Support

IMB Bank has a history of community support and engagement. This includes sponsorship of sporting competitions, civic groups and projects, community events and initiatives, local business advocacy and awards, and more.

IMB Bank Community Foundation

Established in 1999, the IMB Bank Community Foundation provides annual grants to

community A community is a social unit (a group of people) with a shared socially-significant characteristic, such as place, set of norms, culture, religion, values, customs, or identity. Communities may share a sense of place situated in a given g ...

and

volunteer Volunteering is an elective and freely chosen act of an individual or group giving their time and labor, often for community service. Many volunteers are specifically trained in the areas they work, such as medicine, education, or emergency ...

groups in the

not-for-profit A not-for-profit or non-for-profit organization (NFPO) is a Legal Entity, legal entity that does not distribute surplus funds to its members and is formed to fulfill specific objectives. While not-for-profit organizations and Nonprofit organ ...

sector, in the areas where the bank operates. Since inception, the foundation has donated over $11 million to more than 850 not-for-profit and charity groups. The nature of projects the program funds varies from year-to year and are assessed by a committee-approval process.

References

Wollongong Banks established in 1880 Building societies of Australia Banks of Australia Australian companies established in 1880 {{Bank-stub

History

Products and services

Community Support

IMB Bank Community Foundation

See also

References