Community bank to pay first dividend

Ettalong Beach Community Bank has announced its first dividend to shareholders, through its franchise holding company Ettalong Beach Financial Services Limited.

company chairman Mr Mick Gage thanked loyal shareholders at the company's annual meeting on Thursday, November 8, for their patience as the branch dealt with its start-up phase and then the effects of the global financial crisis on the financial community.

Mr Gage said that without the support of the community who rallied together and provided the capital needed, Ettalong Beach would have been without a bank.

"History shows that when basic services are not available in small communities the follow on effect to other businesses can be crushing," said Mr Gage.

In announcing a 2.5 cents per share dividend to be paid in December, Mr Gage noted that although a small dividend, it was in line with the Community Bank's charter and allowed the board of directors to manage the company's financial position to the benefit of all stakeholders.

"With increased business levels and community support, it is hoped that dividend payments will be able to be made annually" said Mr Gage.

Media release, 9 Nov 2012

Peter McKeon, Ettalong Beach Community Bank