P&N Bank

P&N Bank

P&N Bank was founded in 1969 as the Western Australian Police Union Cooperative Credit Union Society, serving only local police officers and employees. It expanded through the addition of nurses and subsequent mergers with other state-based credit societies during the 1970s, 1980s and 1990s. Today the bank operates under a customer-owned mutual structure, regulated by the Australian Prudential Regulation Authority as an Authorised Deposit-taking Institution. The bank deploys its balance sheet primarily into residential mortgages across the Perth metropolitan area and the South West region of Western Australia. Its product suite spans everyday transaction accounts, savings accounts, term deposits, personal loans, credit cards and insurance. The mortgage book is built through a branch network of 15 locations and a team of mobile home-loan specialists who meet borrowers outside traditional banking hours. P&N Bank does not operate as a wholesale funder or an institutional allocator; its deployment model is retail banking funded by customer deposits. P&N Bank does not disclose a consolidated asset base, and no external publication provides a verified AUM figure. The firm employs a branch-and-contact-centre workforce across Perth and the South West, with no published professional-headcount. In May 2026 the bank announced that Roy Morgan named it Bank of the Year in its Customer Satisfaction Awards for the third consecutive year, a retention signal that underpins its deposit-funding stability. Structurally, P&N Bank differs from Australia's major banks because it is owned by its customers rather than external shareholders. Profits not retained for capital are channeled back into product pricing and service improvements. The bank maintains a financial-hardship program and an empowerment-grants scheme for West Australian not-for-profits, embedding a community-redistribution function inside the operating model.