Ku-ring-gai Financial Services Limited (KFSL) owns the franchise and rights to operate the Turramurra and Lindfield Community Bank® Branches of Bendigo Bank. KFSL is a public company.
The capital of Ku-ring-gai Financial Services Limited consists of 2,251,085 ordinary fully paid shares held by 526 shareholders.
The Annual Report of the company for each year ended 30 June is forwarded to shareholders in October. A half yearly report for the six months ended 31 December is submitted to the Australian Securities & Investments Commission in March. The Annual General Meeting of the company is held each year prior to 30 November.
The project was initiated by the Turramurra Chamber of Commerce and in particular by John Snelson, a founding director and Chairman of the Steering Committee. The Steering Committee consisted of local people who worked hard, meeting EVERY Monday night for 2 years from October 2001, to bring about the float of a public company that would hold the franchise and open a branch of Bendigo Bank in Turramurra. The Committee oversaw a pledge campaign where community support was established, an independent Feasibility Study, formation of the Company and capital raising.
Our Prospectus, which opened on 23 January 2003, raised a total of $924,150 in share capital subscriptions from more than 370 shareholders and closed in February 2004. Our bank was fitted out and opened on 20 October 2003 at 1273 Pacific Highway, Turramurra.
The company paid an unfranked dividend of 4 cents in each of 2006 and 2007 and 5 cents in 2008. The company achieved cumulative profit in the 2008-9 financial year and was pleased to pay to shareholders a fully franked dividend of 9 cents per share in 2009 and again in 2010.
In June 2011 the company issued free bonus shares on a 1 for 1 basis to all shareholders, and subsequently paid a fully franked dividend of 4.5 cents per share on 30 June 2011. The directors do not intend to declare a final dividend in respect of the year to 30 June 2012.
On 23 August 2011, the company issued a Prospectus for up to 500,000 shares at $1 per share to raise capital for the opening of a new Community Bank® Branch in Lindfield. The Lindfield branch opened at 318 Pacific Highway, Lindfield on 4 October 2011. The Prospectus closed on 29 February 2012 having raised $402,765.