IMB Bank is an Australian mutual bank established in 1880. In 2020, IMB Bank was voted by

Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...

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 recomm ...

, (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 ( ), colloquially referred to as The Gong, 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 wate ...

, 85km south of

Sydney Sydney ( ) is the capital city of the state of New South Wales, and the most populous city in both Australia and Oceania. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about towards the Blue Mountain ...

. It began life as the Illawarra Mutual

Building Society A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially savings and mortgage lending. Building societies exist in the United Kingdo ...

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

New South Wales ) , nickname = , image_map = New South Wales in Australia.svg , map_caption = Location of New South Wales in AustraliaCoordinates: , subdivision_type = Country , subdivision_name = Australia , established_title = Before federation , es ...

over subsequent decades, entering the

market in 1989,

Melbourne Melbourne ( ; Boonwurrung/Woiwurrung: ''Narrm'' or ''Naarm'') is the capital and most populous city of the Australian state of Victoria, and the second-most populous city in both Australia and Oceania. Its name generally refers to a met ...

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 *Newcastle-under-Lyme, a town in Staffordshire, England *Newcastle, New South Wales, a metropolitan area in Australia, named after Newcastle ...

Hunter Region The Hunter Region, also commonly known as the Hunter Valley, is a region of New South Wales, Australia, extending from approximately to north of Sydney. It contains the Hunter River and its tributaries with highland areas to the north and so ...

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 living things) with commonality such as place, norms, religion, values, customs, or identity. Communities may share a sense of place situated in a given geographical area (e.g. a country, village, tow ...

and

volunteer Volunteering is a voluntary act of an individual or group freely giving time and labor for community service. Many volunteers are specifically trained in the areas they work, such as medicine, education, or emergency rescue. Others serve ...

groups in the

not-for-profit A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...

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