Community bank branches out at Drysdale

Andrew Mathieson
DRYSDALE residents are set to reap a financial windfall after the community buys into a local bank branch.
Bellarine Peninsula Community Bank will convert the Bendigo Bank agency into a sub-branch from April 1.
Bellarine Peninsula Community Bank chairperson Justine Finlay predicted the new arrangements would provide Drysdale with a “great opportunity”.
A community-based company with a board of directors would own the sub-branch, Ms Finlay said.
Community organisations would share in the profits after the bank paid its expenses and distributed dividends to shareholders.
Bellarine Peninsula Community Bank first bought a local branch at Portarlington.
Last year the Portarlington bank returned $60,000 to 20 organisations and local projects, including $10,000 toward clubrooms for Portarlington/Drysdale Lions Club.
“Now with the change in ownership of the sub-branch we can start to return profits to the Drysdale community as well,” Ms Finlay said.
“It’s an exciting prospect for the community and one we hope will make some positive changes in Drysdale.”
The agency opened two years ago.
Bellarine Peninsula Community Bank manager Ian Faulkner hoped to operate a full branch within 12 months.
The sub-branch would have full banking services including personal and business lending on-site, he said.
Plans were already afloat to expand its floor space at the Clifton Springs Road site.
“We’ve grown the business and the community bank could see the potential there,” Mr Faulkner said.