BENDIGO Bank’s unique and internationally acclaimed banking model of community owned and operated branches has celebrated 25 years in Australia.
Local townships including Port Fairy, Dunkeld, Heywood, Coleraine, Lake Bolac and Willaura, all have branches of the model that grew from a concept designed to empower communities at risk of losing face-to-face banking services.
Now with a network of more than 300 branches nationally, it boasts more than $20 billion in loans and $31.3 billion in deposits.
Founded in 1998 with branches in Rupanyup and Minyip, the secret to its success can be traced back to the profit-with-a-purpose model which saw a majority of profits generated by each independently owned and operated Community Banks directed back into the community.
Community Bank Port Fairy & District chair, Damian Gleeson, thanked the Bank’s customers for their support, its team members for delivering quality service, local shareholders for backing their community and all the passionate locally based directors for their hard work and dedication.
He paid tribute to the inroads in the rural townships of Rupanyup and Minyip and their branches of Bendigo Bank & Community Bank and congratulated them 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,” he said.
“In our Port Fairy & District community, we were delighted to open our own Community Bank on 24 June, 2014, building on the success of these early pioneer communities.
“Community Bank Port Fairy & District has returned nearly $700,000 in sponsorships and grants to the community.
“These community partnering contributions have supported initiatives such as the Port Fairy Winter Weekends Dachshund Dash, Moyne Health Services Urgent Care Centre and the Port Fairy Men’s Shed facilities upgrade in addition to supporting nearly 100 community not-for-profit organisations and sporting clubs.”
Collectively, the Community Bank model is on track to return a total of $300 million in profits in its anniversary year since inception.
Community Bank funding often attracts co-investors such as local, state and federal governments creating a multiplier effect on the capital raised which has enabled projects totalling over an estimated $1 billion.
Bendigo Bank chief executive and managing director, Marnie Baker, said the strength of the shared value model proved that Australians would support a genuine alternative to the banking oligopoly if you provided quality products and excellent, award-winning service backed by a trusted financial institution.
“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,” she said.
“The Community Bank model is aligned with both our vision and our purpose and we are immensely proud of its success.
“I want to acknowledge the Board of Rupanyup/Minyip and the local community for their hard work and the important role they played in piloting this unique model, showing communities nationwide what can be achieved when we work together towards shared goals.”
Bendigo Bank and its community partners will mark the anniversary with celebrations at Community Banks around Australia.
