Good for you, good for all
Since October 2003, Turramurra Community Bank® branch of Bendigo Bank has been providing a full banking service to Turramurra and surrounding suburbs. However, Community Bank® branches provide communities with more than just quality banking services they deliver employment opportunities for local people, keep local capital in the community, are a local investment option for shareholders and provide a source of revenue for important community projects determined by the local community.
The Community Bank® model was created by Bendigo Bank Limited after the closure of a third of all bank branches in Australia during the 1990s. The model is based on the community owning its own branch as a local business, with Bendigo and Adelaide Bank Limited (BABL) providing a comprehensive banking service on a franchise basis. The Community Banks provides every banking product and service that is available from any of the majors and it is competitive with them.
There are currently more than 300 Community Banks around Australia including 43 in NSW. Behind those numbers are hundreds of stories of Community Bank® branches making a real difference to the lives of local people.
Whether it’s building a community hall, sponsoring an art prize or even buying new footy jumpers for the local side these Community Bank® branches are helping improve the economic and social prospects of their local communities.
The essence of the Community Bank® concept is in sharing the responsibilities and rewards between the community and their bank. Communities across Australia have accepted the responsibility of providing start-up capital and making their branches successful and are increasingly reaping rewards that aren’t just limited to banking.
Our Community Bank model was praised in Federal Parliament
“I congratulate David Langdon, the Board of Ku-ring-gai Financial Services and the hard working General Manager of Turramurra Community Bank and now Lindfield Community Bank® – Denice Kelly. The work that David Langdon and others did nearly 10 years ago in setting up Turramurra Community Bank has brought very significant benefits to the Turramurra community and the local business sector.
There is every likelihood that this very positive experience will now be replicated in Lindfield. This is a genuine community based initiative. It draws on the considerable business skills and expertise available in our community of the Upper North Shore of Sydney.
It is a classic case of self-help and it is something in my view, very much to be commended”.
Paul Fletcher MP