Bendigo Community Bank last night launched its prospectus for a Curtin branch, saying it was confident of securing $100 million of business within just 12 months of a bank opening.
Subscribe now for unlimited access.
or signup to continue reading
Molonglo Financial Services chairman Jayson Hinder said a minimum of $750,000 in $1 shares had to be sold before the bank could open in the former premises of the now-closed Westpac bank at the Curtin shops.
The bank has received pledges of more than $800,000 over a year.
Mr Hinder hoped the share threshold could be reached by Christmas, with a branch, employing six to seven people, including part-time workers, to open sometime after then.
Molonglo Financial Services also runs the Bendigo Bank at Wanniassa and Calwell as well as a new Jerrabomberra branch due to open on November 23.
He said the Wanniassa and Calwell branches combined had built up $130 million in banking business over eight years but the bank conservatively estimated a Curtin branch could generate $100 million in business in just 12 months because of the different demographic of the suburb and the strong appetite for a local bank, following the departure of the Westpac, ANZ and Commonwealth banks.
Mr Hinder said the Bendigo Bank charter was unique in that 20 per cent of profits went in dividends to shareholders and the remaining 80per cent went to support local community groups.
He said last year the Wanniassa and Calwell branches generated $377,000 for local groups. Among the organisations to benefit were OzHarvest, the Snowy Hydro SouthCare rescue helicopter and SIDS and Kids.
Next year was the 10th anniversary of the bank's presence in the ACT and would also see its $1 millionth dollar donated to local community groups.
Curtin community bank spokesman Nick Tsoulias said he had been overwhelmed by public support for a local Curtin bank. Copies of the prospectus are available from Curtin Capital Chemist.
