P&N Bank

P&N Bank is a division of Police & Nurses Limited and an Australian owned bank managed in Western Australia. Operating under a mutual model, P&N Bank provides retail banking services such as savings and lending products, insurance and financial planning services. With a branch network of 15 branches in Western Australia, P&N Bank also has a Perth based Contact centre, online banking facilities and is partnered with Cuscal, and is a provider of access to the New Payments Platform (NPP). As a mutual bank there are no third party shareholders, as distinct from a listed company, members who bank with P&N Bank and hold a share in Police & Nurses Limited are the owners of the Bank. P&N Bank is a member of COBA,[1] the industry body that represents the credit unions, building societies and mutual banks in Australia and BCCM (Bureau of Credit Unions, Co-operatives and Mutuals). P&N Bank is one of the majors sponsors of the Perth Wildcats.[2]

P&N Bank
Native name
Police & Nurses Limited
TypeMutual Bank
IndustryBanking
Headquarters
Perth
,
Australia
Key people
Andrew Hadley (CEO)
Stephen Targett (Chairman)
ProductsRetail banking
Insurance
Financial Planning
OwnerMembers
Number of employees
330
Websitepnbank.com.au

History

Police & Nurses Credit Society originated in Western Australia in 1990 from the merger of the Police Credit Society of Western Australia Ltd [3] and Western Australia Nurses Credit Society Ltd.[4] In 2001, the organisation merged with Energy Credit Union Ltd,[5] which was the amalgamation of a number of smaller WA credit unions, the oldest of which was established in 1949. Around 15 credit unions make up P&N Bank’s history.

  • 1969 - Western Australian Police Union Cooperative Credit Union Society Limited established
  • 1972 - WA Nurses Credit Society Limited established
  • 1981 - MTT Salaried Officers Association Credit Union merged with the Police Credit Society and membership was extended to members of the Army, Navy and Air Force
  • 1990 - Merger of the Police Credit Society and the Nurses Credit Society to Police & Nurses Credit Society
  • 2001 - Energy Credit Union merged into Police & Nurses Credit Society
  • 2007/08 - Best Credit Union - Australian Banking & Finance Magazine Awards
  • 2013 - Members vote to rebrand Police & Nurses Credit Union to P&N Bank*
  • 2014 - P&N Bank Best Bank - Roy Morgan Customer Satisfaction Awards
  • 2017 - P&N Bank Best Mutual - RFi Lending Awards
  • 2018 - P&N Bank Best Mutual - RFi Lending Awards2019 - Canstar Innovation Excellence Award
  • 2019 - Mozo Experts Choice Awards - Excellent Banking App
  • 2019 - AIM WA Pinnacle Awards - Innovation Excellence
  • 2019 - bcu became a division of Police & Nurses Limited, establishing a national multi-brand organisation with P&N Bank operating in Western Australia and bcu operating in NSW and south eastern Queensland.

In March 2013, after obtaining regulator approval, Police & Nurses Credit Society became a mutual bank trading as P&N Bank.

Corporate governance

The P&N Bank Board of Directors is responsible for the Corporate Governance of P&N and its controlled entities. The Board manages the business in accordance with its policies, legislation, APRA prudential requirements and the Constitution of P&N. To ensure the Board can fulfil its responsibilities and comply with policies and ethical standards, a Code of Conduct and Board Charter are in place.

Awards and recognition
  • 2013 - P&N Bank took out the inaugural Pinnacle Award for Marketing Excellence [6] for their re-brand to a Bank.
  • 2014 - P&N Bank Best Bank - Roy Morgan Customer Satisfaction Awards
  • 2017 - P&N Bank Best Mutual - RFi Lending Awards
  • 2018 - P&N Bank Best Mutual - RFi Lending Awards
  • 2019 - Canstar Innovation Excellence Award
  • 2019 - Mozo Experts Choice Awards - Excellent Banking App
  • 2019 - AIM WA Pinnacle Awards - Innovation Excellence
  • 2020 - DBM Australia Financial Awards - Most Recommended Customer-owned Bank
  • 2020 - MFAA WA State Excellence Awards - Mutual / Specialty Lender Award
  • 2020 - Finder Awards - Low Deposit Home Loan
  • 2020 - Australian Banking Innovation Awards Best Innovation in Customer Experience 2020

See also

References
  1. COBA
  2. "Members Sponsor". Perth Wildcats.
  3. Police Credit Society of Western Australia Ltd
  4. Western Australia Nurses Credit Society Ltd
  5. Energy Credit Union Ltd
  6. Pinnacle Award for Marketing Excellence Archived 22 October 2014 at the Wayback Machine
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