Bank grows despite loss

Bendigo Bank Central Coast regional manager Mr Rob Chittick said the Ettalong Beach community bank branch continued to grow steadily despite reports the branch had suffered a recent loss of more than $90,000.

It was reported in the Sydney Morning Herald on June 1, that dozens of community bank branches, including Ettalong Beach, had not been able to "escape the buffeting from the global financial crisis".

"The Community Bank branch at Ettalong Beach on the NSW Central Coast, for one, suffered deeper losses during the December half of $92,400, according to its latest accounts," the report stated.

However, Mr Chittick said the Ettalong Beach branch currently had a combined book of more than $53 million and more than 2000 customers.

"While the Ettalong Beach Community Bank Branch has not grown as quickly as its original business plan projected, the branch continues to grow steadily and currently has a combined book of more than $53 million in just four years and has more than 2000 customers," Mr Chittick said.

"It is important to note that in the past year the branch has exceeded its business plan, growing its book by more than $20 million.

"The branch has already contributed $15,000 to the community through grants and sponsorship of local organisations, including sporting clubs, traders associations and local schools.

"The local company has also installed an off-site ATM at Deepwater Plaza - an important banking service offered by the local Community Bank branch.

"Ettalong Beach is like any new start-up business, and it is not unusual for any new business to exhaust their initial capital and require overdraft funding or debt funding.

"Bendigo is confident that the branch will achieve profitability in the not-too-distant future - just as we are convinced it will be a success and generate long-term benefits for the Ettalong Beach community.

"All Community Bank branches retain the support of Bendigo and Adelaide Bank - their partner."

Media statement, 10 Jun 2009 Rob Chittick, Bendigo and Adelaide Bank