Heads push for bank

Jessica Benton
Barwon Heads is set for a community bank as Leopold prepares to open the region’s latest branch.
Barwon Heads steering committee chair Heather McCarthy has urged residents to put their weight behind the latest bid for a community bank.
Leopold’s bank opens Friday, with plans for a Lara branch at prospectus stage and other branches operating at Portarlington, Drysdale, Anglesea and Winchelsea.
The branches are based on a Bendigo Bank model with profits divided evenly between community projects, shareholders and reinvestment in each of the banks.
Ms McCarthy said Barwon Heads would reap the dividends of a community bank.
“This is an exciting development for Barwon Heads, one that will result in employment in the town and provide support to community projects and infrastructure,” she said.
“It’s a win for everyone.”
Ms McCarthy said the next step in setting up the bank was a community pledge campaign for residents, traders and business people.
She asked anyone interested in attending a meeting on the project to phone her on 5254 2602.
Leopold stakeholders have raised more than $760,000 to establish the town’s community bank.
Ward councillor Rod Mac-donald said the Leopold community would be the big winners from establishment of the bank.
“Our bank branch is owned by the people of Leopold and, in partnership with Bendigo Bank, we have secured a bank branch for our community,” he said.
“Not only have we opened this branch, the community of Leopold will also benefit from profits in coming years as the business grows.”
The community-owned-and-operated banks function as franchises of Bendigo Bank.
Lara residents and businesses have pledged more than $275,000 to their community bank.
The Lara branch’s steering committee expects to open the bank around the middle of this year.