COMMUNITY BANK: 23 NOVEMBER 2017

Canowindra locals urged to pledge now

Following on from the public meeting held in Canowindra on Tuesday night, the local committee for the community bank has urged all locals to get their pledges in as soon as possible.

With the local bank closing at the end of this month, Bendigo Bank is very close to announcing the appointment of a local business as the agency, which is the first step in the establishment of the local community bank.

Representatives from Bendigo Bank, Wayne Simpson, State Community Manager, and Tim Butt, Senior Manager Regional NSW/ACT, were in attendance and gave a detailed overview of the community model and how it can benefit the local community.

For the bank to be successful, there are some milestones which need to occur.

Cheryl Newsom, Chairperson for the committee said: “The first thing that we need to do is to secure the pledges of the local people. Those who pledged back in 2014 are being encouraged to re-pledge.

“Forms can be obtained from Canowindra Newsagency, the Canowindra Phoenix and CKC Accountants, all in Gaskill Street.

“Everybody who pledged previously will be forwarded either an email or letter with a form attached. The Bendigo Bank would like these forms back in by the end of December.

 “The second milestone is that we need $20 million on the books in deposits, loans, savings term deposits, so if you would like see someone from Bendigo Bank they will have a  representative in Canowindra starting next week to meet with the locals and get these processes started.There are incentives to be offered by Bendigo Bank to help facilitate these needs.”

Bendigo Bank spokesperson, Wayne Simpson, said: “The pledge amount that we are setting is $800,000, with a minimum pledge of $800.

“This amount is for the fit-out of the branch and working capital for three years, with the branch when opened employing local people.

“There is no one individual person who can have more than 10 per cent of the company when the prospectus is offered. Bendigo Bank is the fifth largest retail bank in Australia, with 85 per cent of its funds invested from retail clients.”