Bendigo Bank, with branches at Ettalong Beach, East Gosford, Lisarow, Wyong and Kincumber, is celebrating 25 years of community owned and operated banking in Australia.
The internationally acclaimed model has grown from a concept designed to empower communities at risk of losing face-to-face banking services to a network of more than 300 branches nationally with $20B in loans and $31.3B in deposits.
Founded in 1998 with branches in Rupanyup and Minyip, the profit-with-a-purpose model sees a majority of the profits generated by each independently owned and operated Community Bank directed back into the community.
Community Bank Ettalong Beach Chair Mick Gage 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.
“We would like to congratulate Bendigo Bank and Community Bank Rupanyup and Minyip on their 25th anniversary,” he said.
“The important steps they took made it possible for communities like ours and many others to take charge of our future.
“In Ettalong Beach we were delighted to open our own Community Bank on April 5, 2005, building on the success of these early pioneer communities.
“Community Bank Ettalong Beach has returned $1.36M in sponsorships and grants to the community.
“These donations have supported initiatives such as PCYC, Umina Community Group and local Surf Clubs.”
Collectively, the Community Bank model is on track to return a total of $300M 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 more than an estimated $1B.
Bendigo Bank CEO and Managing Director Marnie Baker said the strength of the shared value model proved that Australians will support a genuine alternative to the banking oligopoly if 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.”
Community Bank National Council Chair Sarah Franklyn said the milestone was a ringing endorsement of the profit-with-purpose, social enterprise model.
“The internationally recognised Community Bank model has been embraced by more than 300 communities across Australia, where branches support economic growth and their grants and sponsorships underpin and strengthen the social fabric,” she said.
“As the custodians of one of Australia’s most successful social enterprise movements, we are pleased to celebrate the amazing outcomes achieved in the last 25 years and look forward to working together to evolve and adapt this unique model for the next generation.
“I especially want to thank our Community Bank directors, many of whom volunteer their time, for their hard work.
“The success of our Community Bank companies is a testament to their passion and commitment to the success of their local communities.”
Bendigo Bank and its community partners will mark the anniversary with celebrations at Community Banks around Australia.
Source:
Bendigo Bank