Future. As temperatures soar, so too does the thermometer of shares in the Circular Head Community Bank.
The gauge at the Smith Street branch indicates how many shares have been purchased by the community.
A branch of the Bendigo Bank, the Community Bank last week reached the minimum $450,000 target of shareholder funds and now boasts more than 120 shareholders.
“To raise $450,000 in start-up capital is an amazing achievement,” says chair of the board Tom Glynn.
“It shows just how much the local community believes in the Community Bank model and the benefits it will bring.”
As that figure approaches $500,000 the board has opted to keep the prospectus period open for a further six weeks. This allows locals one last chance to be a part of the community-driven project.
“We want to make sure our Community Bank branch has as wide a shareholder base as possible, so we can truly represent and benefit the entire community,” Mr Glynn said.
“And the more business we get on our books, the more contributions we can make to help nurture the success of local community groups, projects and events.”
A further 165,000 shares valued at $1 each will be available for purchase in packages of 500.
After the closure of the prospectus period, the Community Bank will complete the final steps, including fitting out the Smithton branch and advertising two full-time positions, before opening the doors.
More information on purchasing shares is available at the Smith Street Bendigo Bank or from committee members, including Tom Glynn on 0411 744 426 and Gerard Blizzard on 0417 532 392.
To keep up to date with all the latest Community Bank news, check out the ‘YOUR Community Bank is coming — Circular Head’ Facebook page.