Teachers Mutual Bank Limited (formerly the New South Wales Teachers Credit Union) is a mutual bank in Australia, with more than 200,000 members and assets of over $8 billion. Membership is primarily open to serving and retired teachers, university students undertaking education degrees and diplomas that will qualify them as registered school teachers, other employees in the Australian education sector, and immediate family members of people who fit the primary criteria. As a mutually owned institution, each member (account holder) holds one equal share in the organisation. All profits are intended to be returned to members by way of fees and interest rates that are lower than those available from commercial banks and other for-profit financial institutions. Initially formed in 1966 as the New South Wales Teachers Credit Union, with membership restricted to public (state) school teachers in New South Wales, the membership of Teachers Mutual Bank is today spread across New South Wales, the Australian Capital Territory, Western Australia, South Australia and the Northern Territory. It is with a decentralized membership and currently maintains six core branches; three located in Sydney and one in each of the Hunter Region, the Australian Capital Territory and Western Australia. The head office branch is located at Homebush on Powell Street in Sydney's inner western suburbs. Since mergers with two credit unions in 2015-16, three divisional branches exist in Perth (trading as UniBank) and one in Sydney (trading as Firefighters Mutual Bank).