Bendigo Bank’s unique community bank model is celebrating 25 years of community owned and operated banking in Australia.
Founded in 1998 with branches in Rupanyup and Minyip, the secret to its success can be traced back to the profit-with-a-purpose model.
Seeing a majority of the profits generated by each independently owned and operated community banks directed back into the community.
The internationally acclaimed model has grown from a concept designed to empower communities at risk of losing face-to-face banking services, to a network of more than 300 branches nationally with $20 billion in loans and $31.3 billion in deposits.
Community Bank Altona and Laverton chair Henry Da Silva thanked everyone for their service over the years.
Including the bank’s customers for their support, its team members for delivering quality service, local shareholders for backing their community and all the passionate locally based directors for their hard work and dedication.
“We would like to congratulate Bendigo Bank and Community Bank Rupanyup and Minyip on their 25th anniversary,” he said.
“The important steps they took made it possible for communities like ours and many others to take charge of our future.
“In Laverton, we were delighted to open our own Community Bank in 2000, building on the success of these early pioneer communities.”
Mr Da Silva said community banks across Hobsons Bay and Wyndham have returned over $5.5 million in sponsorships and grants to the community.
“These donations have supported initiatives such as providing over 100 defibrillators across our communities, aiding in the establishment of the WYNBAY L2P program and providing scholarships to our local youth,” he said.
“Collectively, the Community Bank model is on track to return a total of $300 million in profits in its anniversary year since inception.
“Community Bank funding often attracts co-investors such as local, state and federal governments creating a multiplier effect on the capital raised which has enabled projects totalling over an estimated $1 billion,” he said.
Jennifer Pittorino
