Ready to bank

The Circular Head Community Bank is on its way. The board of directors including (from left) Norman Richardson, Harry Korpershoek, Elisabeth Ryan, Robbie Nicholson and Tom Glynn are asking community members to come forward with pledges. Picture: Ashleigh Force.

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Pledge. The Circular Head Community Bank needs your help to open its doors.

An official opening will be held in Smithton next month as the initiative reaches the pinnacle of its establishment.

The Community Bank, a branch of Bendigo Bank, is a community led initiative which puts half of its profits back into the local community.

The concept has received more than $650,000 in support from pledges. Now, it is time to make good on those promises.

Chair of the board, Tom Glynn, says it has been a long process.

A small idea some eight years ago gained traction in the community, as locals pledged support and a steering committee was established.

“We were required to raise a set amount through this pledge process, which we have done,” says Tom.

“We then moved to a survey to ask locals if they would support the bank. There was an overwhelmingly positive response in the support and a very good awareness of the proposal to set up a community bank.”

Next, the bank moved into a prospectus stage involving a lot of compliance with government procedures and regulations, working with Bendigo Bank.

“We have just completed that stage and are awaiting for ASIC (Australian Securities and Investments Commission) to sign off on our prospectus and then we will ask pledgees to make their contribution as capital to the bank.

“This is the final stage and [is] very important, as if we do not raise the required amount of capital we will not be able to open the bank.”

The steering committee asked locals to the event to be held on Wednesday October 24 at Agritas Trade College from 6.30pm.

To keep up to date with all the latest Community Bank news, check out the ‘YOUR Community Bank is coming – Circular Head’ Facebook page.

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