Hunter-based The Mutual Bank has appointed David Jay, the Executive Chairman at Armstrong Kennedy International Pty Limited, to its Board.
Respected as an outstanding leader, David brings more than 30 years of banking, finance, and payment systems experience to the Board.
He is currently the Executive Chairman at Armstrong Kennedy International Pty Limited and has worked with leading organisations including Australian Settlements Limited (ASL), AMP, Commonwealth Bank, Coal Services Pty Limited and the Sydney Futures Exchange Limited.
David holds a Master of Business Administration from Monash University and an Economics degree from Macquarie University amongst his many qualifications.
The Mutual Bank Chairman, Trevor Robinson welcomed the appointment.
“With both domestic and international experience, David Jay will be an incredible asset to our board,” Trevor said.
“He has consistently demonstrated he can get things done through teamwork and a ‘can do’ attitude which epitomises the goals of our organisation in working with our members to help them achieve their own goals.”
As the former Chief Executive Officer of ASL for over 10 years, a company which provides payment services to mutual banks, David said he knew The Mutual Bank well.
“The Mutual Bank has a stellar reputation in the banking and payments industries,” he said.
“Their unwavering member first approach, consistent financial performance and growth potential is what attracted me to the opportunity.”
David’s appointment coincides with the bank’s strong financial results for 2021.
The member owned bank posted a profit after income tax of $3.5 million, up 3.9 per cent on the previous year.
Loans funded increased by 28 per cent to $220 million bringing the total loans and advances to $680 million, an increase of 10.8%. Total assets are up 7.4 per cent to $902 million and members equity is $56 million, up 6.7 per cent.
David fills a casual Board vacancy following the retirement of Mr Bruce Arnott. He joins existing Board members Trevor Robinson, Melinda Smith, Steve Meyn, Deb Mirisch, and Sharon Howes.
IMAGE | The Mutual Bank’s new Board Director, David Jay
