Conditional approval for new bank

Progress. Bendigo Bank has officially announced that it will partner with the local steering committee to establish the Community Bank branch in Smithton.

The committee has worked over the last four years to bring a Community Bank to Smithton, and the latest formal approval was received following a review of the written business case which included the results of the community survey, budgets and proposed growth.

Bendigo Bank will now work closely with the committee to move towards opening the doors and assisting to develop the business post opening.

Over the next few months the committee will be issuing a prospectus to raise the capital for the local Community Bank. The conditional approval is subject to the capital being raised and more investment is now sought from the local community.

Once the prospectus is released, those who have pledged will be contacted to make their contribution.

When the capital is raised, work will begin on fitting out the branch and arranging an official opening.

Chairperson Tom Glynn said new pledges are welcome, at a minimum of $100.

“If you want a face to face bank and you want money to go back into the community, this is the way to go.

“The Community Bank will offer all the services of the big banks. I encourage everyone to call in and see what the Bendigo Bank can offer.

“The coming months will be exciting, and we look forward to making the Community Bank an asset for Circular Head.”

More information on purchasing shares is available at the Smith Street Bendigo Bank or from committee members, including Tom Glynn on 0411 744 426.

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