Bank plans business

The chairman of Ettalong Beach Community Bank steering committee, Mr David Steele, has officially handed over the business plan for the proposed bank branch to the representatives of Bendigo Bank.

The handover took place on Tuesday, May 4, in front of the Ettalong Beach Club.

A decision on the future of Ettalong Beach Community Bank branch is expected in coming days.

Following a successful feasibility study, the local committee prepared a business plan for the community-owned branch.

The plan is currently with Bendigo Bank and a decision will be made on the next step within a fortnight week.

Mr Steele said he was confident the committee would be given the go-ahead to open a bank branch.

"Our overall feasibility study figures were strong with significant interest from local residents, traders and business people.

"Our campaign is far from over. There will be considerable work to be done once we are given the go-ahead," Mr Steele said.

If the decision is made to continue with the campaign, the committee will "go behind closed doors" to form a local company.

This will involve the appointment of a board of directors and the preparation of a legal prospectus which will enable the local company to sell shares to fund the establishment of the branch.

"All going to plan, which includes a positive decision by Bendigo Bank, and the filling of a share offer, Ettalong Beach Community Bank Branch should be open by mid-November," Mr Steele said.

Press release, May 10