Founded in 1888 by a group of passionate Maitland locals, The Mutual Bank was established with the mission to ensure that financial investment stayed within the local area.
Originally known as The Maitland Permanent Building, Investment and Loan Society Limited and Savings Bank (‘the society’), the name was extensive, but the intention of investing local money within the Hunter community was straightforward. And, although a lot has changed over the years, one thing that remains constant is the importance of community as a core value and guiding principle for The Mutual Bank.
The first loan processed and approved by The Mutual Bank was made on January 16, 1889, to Mrs Margaret Kerrigan of Reilly Street, East Maitland in the amount of £120.
For the first 64 years of its existence the office of secretary at The Mutual Bank was held by a father and son, Frederick William Thursby, succeeded by his son William Thomas Thursby. The pair established and grew the society as a trusted financial institution, despite the hardship of World War II and the Great Depression, both of which occurred during William Thursby’s tenure.
Throughout its 130-year history The Mutual Bank has prevailed through two World Wars, the Great Depression, floods, coalfield riots, the Global Financial Crisis, and most recently the Coronavirus epidemic, offering strength, security and stability to members and the local community.
At The Mutual Bank we take a similar long-term view of our individual member’s financial health and stability; an approach we see as key in building a sustainable future for those we serve. While we offer modern banking solutions, we take a traditional approach to customer service and always encourage our members to talk to us because we are here to help.
Through floods, depression, financial crisis and coalfield riots, The Mutual Bank has remained a core part of the Maitland and Hunter community, and continues to be an active participant providing grassroots support to a diverse range of community endeavours embracing education, sporting, charitable, cultural interest groups and organisations.
The most recent evolution for the organisation has seen a return to the inclusion of ‘bank’ in its trading name. This reflects not only the institution’s past, but also the vision held for our organisation’s future and the role we play within the financial landscape of the Hunter Region.
The Mutual Bank remains dedicated to continually evolving to meet the needs of our members and community, as they transform, and we look forward to continuing to serve and support the people of Maitland, Newcastle and the Hunter Region for generations to come.