After a full year of service in Circular Head the wider community are the ones to benefit, with 80 per cent of annual profit put back into the business every year.
Since opening the doors on June 19, 2019 Bendigo Bank has put $10000 back into the hands of locals in the form of grants and sponsorships.
On opening day ten community organisations and initiatives received financial support from the bank, including Redpa Primary School Association, Mawbanna Community Hall Committee, Circular Head Heritage Centre, On country, a project from Circular Head Aboriginal Corporation, Stanley Discovery Museum, Circular Head Gymnastics Club, Circular Head State Emergency Service, Out of the Shadows Suicide Prevention Walk, a Circular Head Youth Leaders project, the I Am Youth Project, a Circular Head Council Community Services Project and Artsposure, an Emerging Community Leaders project.
The bank has also played a major role in sponsoring a number of local sporting associations, namely basketball and hockey, as well as being the major sponsor of the Circular Head Agricultural Show.
Chairman Tom Glynn says he is happy with where the bank is at, but thinks that the community lack awareness of how the bank works and what it does.
“I just think we could go another step,” said Chairman Tom Glynn.
“We’re pretty strong on rural loans and insurances, all the products and byproducts of a bank, but I think people here don’t realise that it’s a bank and that we do home loans and all of the other things that banks do.”
Aware that the bank is only in its infancy, Tom says that these results will improve when people realise the branch is here to stay.
“This is here long term, this is for [the next generation] and their children,”
“It’s a trust thing, the big banks have been around for a long time and ANZ and Commbank both have big branches here, and we just haven’t gotten there yet.”
Despite believing that there is more the bank can achieve in its second year of business, Tom is satisfied that the project is on track and heading in the right direction.
“We are a success story but I know that we could do so much better,” said Tom.
“If people have a strong view that it’s good to have a business in town here in Circular Head that puts 80 per cent of its profits back into the business and it’s going to be here for years to come, they’ll bank with it.
“To me it’s a no brainer, it’s good business, but I don’t know how many people think that way.”
This year Tom is looking forward to the bank putting more money back into the community, and encourages locals to get on board.
“You bank with us, we’ll put money back into the community,” said Tom.
“It’s a no-brainer.”