Heads bank snapped up

KIM WATERS
INVESTORS bought almost half the shares in a proposed Barwon Heads community bank within days of their release, according to the bank’s steering committee.
A spokesperson said the committee was “very impressed” with the $376,000 in sales.
“We have three months to sell our target of $770,000 of shares but we’re hoping to get $970,000 in that period,” the spokesperson said.
“At the moment we’re half way there, so I’d encourage anyone who pledged to buy shares to grab a copy of the prospectus and fill it out.
“Once we raise the capital and get permits approved work can start on the new building. The quicker we sell the shares the quicker we can get the profits back into the community.”
Community bank chair Heather McCarthy said the release of public shares followed a successful project campaign.
“This is an historic time for our community,” she said.
“Our aim is to have more than 300 local shareholders having ownership in our company to ensure this is a truly community-spirited company and venture.”
Ms McCarthy encouraged residents to open their chequebooks for the “limited” offer.
“If our pledge campaign is anything to go by, I expect demand for shares to be strong and the offer is limited.
“The establishment of Barwon Heads Community Bank branch will ensure that the people of our community have access to branch banking both now and into the future. And, of course, the fact that our community gets to share in the profits of the branch is a great incentive.”
The Independent reported in April that the committee had locked in a site for the bank at 70 Hitchcock Avenue after exceeding its initial target capital of $750,000 for the project.