Our Story

The story of First Option Bank began in 1965, when TAB Staff & Agents Credit Union was established in New South Wales to serve employees within the NSW public service and gaming industry. A few years later, in 1972, Flying Horse Credit Union was founded in Victoria, providing banking services to the Mobil Oil Australia employees.

Both institutions shared a common goal: to provide fair, accessible, and member-focused financial services. Over the decades, they built strong reputations for integrity, service, and innovation.

Flying Horse Credit Union strengthened our community with other industries with the following mergers with other credit unions as below:

  • 31 July 1993 – Australia Petro Chemical Credit Co-op (Est November 1973)
  • 22 July 1994 – Australia Synthetic Rubber Credit Co-op (Est July 1969)
  • 1 April 1998 – Carboy Credit Co-op (Est April 1970)
  • 15 October 1997- VICTAS Credit Co-operative Ltd officially changed its name to First Option Credit Union.

These mergers reflected a growing commitment to serve a broader community of diversified industrial based employees while staying true to the values that defined the credit union movement from the start.

A Defining Moment: The 2005 Merger

In July 2005, TAB Staff & Agents Credit Union (NSW) and Flying Horse Credit Union (Vic) merged to form First Option Credit Union — a name chosen to reflect our ambition to be our members’ “first option” for banking. This merger marked the beginning of a new era, combining resources and expertise to better serve members across Australia.

We continued to grow through strategic mergers, joining with Ericsson Employee Credit Union on 1 January 2008, followed by Old Gold Credit Union on 1 March 2016 — each step strengthening our commitment to member-focused banking.

Becoming a Mutual Bank

In December 2018, First Option Credit Union officially became First Option Bank, a mutual bank that continues to operate for the benefit of its members — not shareholders.

Today, we proudly serve nearly 10,000 members from industries including the public service, leisure, hospitality, telecommunications, manufacturing and energy. Our product range includes investments, savings and transaction accounts, home and personal loans, credit cards and digital banking services — all designed with our members in mind.

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