Bank on target in push for backers

KIM WATERS
INVESTMENT in a proposed Barwon Heads community bank almost doubled in the past week but is still $170,000 short of target, according a steering committee spokesperson.
Community bank chair Heather McCarthy said the community project sold $376,000 in shares within days of release and another $224,000 in the past week.
Ms McCarthy called for interested investors to “act now” to ensure the success of the community bank.
The committee needed a further $170,000 worth of shares for the Bendigo Bank to open this financial year, she said.
“It’s not every day that we get the opportunity to purchase shares in a community venture such as this. Locals know the end result of this campaign will be the opening of a traditional bank branch in Barwon Heads that is committed to returning a percentage of its profits to the community via grants and dividends.”
Ms McCarthy said the steering committee had already started a process of staff recruitment.
“Everything now hinges on our community purchasing shares in the community company as soon as possible.”
The branch will operate under a Bendigo Bank for community banks. The model divides profits between reinvestment, shareholders and community projects.