Bank celebrates 25 years of community bank model
With bank branches closing across the Peninsula, the Community Bank at Ettalong is celebrating the 25th anniversary of its community-owned bank franchise model designed to maintain a local bank branch.
Bendigo Bank started its community bank model in 1998, with branches at Rupanyup and Minyip in Victoria.
The model was introduced to restore face-to-face banking services to towns where the last of the major banks were closing their services.
The Ettalong branch started on April 5, 2005.
Community Bank Ettalong Beach chair Mr Mick Gage said it was also a "profit-with-a-purpose model which sees a majority of the profits directed back into the community".
He said that, in its time, the Ettalong branch had returned $1.36 million in sponsorships and grants to the community, including to organisations such as the PCYC, Umina Community Group and local surf clubs.
He said the branch's success was due to the support of its customers, its staff and its local shareholders and the "hard work and dedication" of its "passionate locally-based directors".
"We would like to congratulate Bendigo Bank and Community Bank Rupanyup and Minyip on their 25th anniversary.
"The important steps they took made it possible for communities like ours and many others to take charge of our future."
Bendigo Bank managing director Ms Marnie Baker said: "Bendigo Bank's vision is to be Australia's bank of choice and our purpose is to feed into the prosperity of our customers and their communities."
The bank currently had a network of more than 300 branches nationally with $20 billion in loans and $31.3 billion in deposits, she said.
SOURCE:
Media release, 27 Jun 2023
Bruce Croft, Community Bank Ettalong Beach