Forty-year-old community-owned Ford Co-operative Credit Society has changed its name to Geelong Bank.
General manager Peter Vecoli said the new name marked a significant milestone in the history of the company.
“Geelong has been an integral part of our business since we were formed by the employees of Ford Geelong back in 1974,” he said.
“Our staff live locally, most of our customers live locally, so when we decided to expand our brand into the community, being part of Geelong was certainly something that we wanted as part of our heritage and future.”
The company’s research showed that many customers already referred to the credit union as a “bank“ before the renaming, Mr Vecoli said.
Recent legislative changes to enhance competition meant the company could now call itself a bank, he said.
“Unlike the major banks, customer-owned-banks like Geelong Bank are not listed on the share market. Our customers own the bank as shareholders, making them quite unique over a traditional bank.”
Geelong Bank’s 4000-plus customers shared in its profits through lower loan interest rates and other benefits, Mr Vecoli said.
The bank would continue its long-term support of sports groups and charities, he said.
“Geelong is a vibrant and growing city, and as people move to our community we want them to feel proud of supporting a local like Geelong Bank”.
