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Welcome to the Beechworth & District Community Bank® Project

Piggy in Beechworth for EasterA voluntary group of local Beechworth, Wooragee, Stanley and surrounding district residents are seeking to establish a Beechworth & District Community Bank® which will return 80% of its profits into the local community for development of facilities and social support.

The Beechworth & District Community Bank® steering committee is currently asking locals to complete pledge forms to purchase $1.00 shares in the local company. A typical share holding is between $500 -$10,000 but pledges outside those levels are also invited.

Beechworth goes to feasibilityOnce the committee has determined there is sufficient community support for the establishment of the Beechworth and District Community Bank® an independent feasibility study will be undertaken to ensure the viability of our local community bank. When the feasibility study has been completed and approved an official Prospectus will be issued for people who have pledged their support to take up shares in a local community owned company which will operate the Community Bank®.

At this stage the Steering Committee needs to raise pledges of $700,000 to establish the bank which will have its own premises and employ 4-5 staff offering the complete range of Bendigo Bank banking products and services through this local branch.

Once the branch is operating profitably (usually in about 18-24 months) the local company board will distributes profits to the local community in the form of grants for activities, facilities, community projects etc., and to the shareholders in the form of a dividend on their shares.

This is a great opportunity for the local Beechworth and surrounding districts to support a project that provides local employment and returns its profits back into local community projects.

If you want to learn more  download the pledge form and facts and information sheets or contact any of the following:

Beechworth and District Community Bank Steering Committee

Back Row (L-R): Jack Nelson, Jamie Horne, Leo Nette,  Eric Visscher, Ray Henderson

Front Row (L-R): David Box, Meryl Johnson, Helen Christie, Lyn Clark, Graeme Gallus

Absent: Neil Johnstone

Jamie Horne 03 5728 3250  (BH)

David Box 03 5728 1550 or 0427 319 744

Eric Visscher 03 5720 8050 or 0407 850 696

Graeme Gallus 03 5728 2610 or 0408 281 215

Leo Nette 03 5728 1873 or 0429 606 439

Lyn Clark 03 5728 7245 (AH) or 0409 287 245

Ray Henderson 03 5728 7222 (AH) 

Any of these people are also available to speak with you or your community organization to explain how you can support the future development of your community.

 

Pledge today for the proposed Beechworth & District Community Bank®.

...where profits will be returned to our local community

 
 
What is a Community Bank®?

Beechworth Community BankThe Community Bank® model was developed by Bendigo Bank to provide communities with the certainty that banking services will be available locally. It is a franchise, with the community owning the rights to operate a Bendigo Bank branch. The local community forms a public company limited by shares to represent the local community. The company raises capital locally and purchases from Bendigo Bank the right to run a bank branch.

A Community Bank® branch has three aims: To secure branch banking services for participating communities; To help communities better manage locally generated capital, and so provide them with a better return on their capital and to enable participating communities to share in revenues generated from their Community Banking enterprise.

 
 
Who is involved?

Beechworth Community BankThe Beechworth & District Community Bank® Project is an initiative of a local group of volunteer community minded residents for the towns of Beechworth, Stanley and Wooragee who recognise the enormous benefits Community Banking® can return to our local communities. For more information and contact details of who your Beechworth & District Community Bank® Project Steering Committee members are visit the Steering Committee Page.

 
 
Why a Community Bank®?

Beechworth Community BankThe Community Bank® model will enable the Beechworth, Wooragee and Stanley communities to retain approximately 80% of the profits generated via the proposed Beechworth & District Community Bank® within the local community. The volunteer Board of Directors will distribute the profits to local community groups and organisations via a grants process. The steering committee also recognises the potential benefits of partnering with different levels of Government to multiply the potential dollar value the proposed Beechworth & District Community Bank® could return to our local communities.

The proposed Beechworth & District Community Bank® will keep money in our region which in turn will promote a stronger local economy, more employment opportunities and improved local funding. The proposed Beechworth & District Community Bank® will also create additional local jobs.
 
When will it Happen?

Beechworth Community BankAt present the Beechworth & District Community Bank® Project steering committee is in the 'Pledge' phase of the campaign. This means we are seeking local Beechworth, Wooragee and Stanley residents and businesses to pledge an amounts of $500 - $10,000 towards the equity required to open our Community Bank®. Our target is to raise $700,000 in equity pledges which will enable us to move to the next stage in the process of opening a local Community Bank®.

We will be able to open our Community Bank® and begin returning profits to the community once we have sufficient community support via equity pledges and finally completed the fully subscribed prospectus.