Type Bank Headquarters Melbourne Founded 1974 | Industry Financial services Motto Securing Your Future Number of employees 150 | |
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Key people John Mugavin, Chairman, Stephen Capello, Chief Executive Officer Products Banking
Investment
Insurance
Financial Planning Total assets A$ $1.22 billion (June 2014) CEO Stephen Capello (Feb 2015–) Profiles | ||
Hear from bankvic members in the public services
BankVic, previously known as Police Financial Services, Ltd. or "Police Credit" is a member owned bank in Australia founded by police officers in 1974 as a credit union. It now serves police and other emergency service workers, people in the health industry and other public servants, as well as their families and friends. In 2011 Police Credit reported that the organisation had 91,000 members, employed 120 staff and had $1 billion (Australian) in assets under management. On 1 June 2013, Police Credit became BankVic. In 2014 BankVic celebrated its 40th anniversary and is one of Victoria’s largest Mutual Banks with assets in excess of $1.3B and over 97,000 members.
The bank is wholly owned by its members, who are all equal shareholders. As a co-operative, it is not focused on profits or paying dividends to shareholders. All profits from the bank's products and services are reinvested into the organisation for members to directly benefit. Their key responsibility is to help members achieve a more secure financial future.
BankVic was awarded the 2014 Canstar Customer Owned Banking Institution of the Year, making it back to back winners after winning Money Magazine Credit Union of the year in 2013. The bank supports a wide variety of police, health and community organisations such as the Blue Ribbon Foundation and Limbs 4 Life.