East Ivanhoe Community Bank® Branch
Following the closure of the East Ivanhoe Commonwealth Bank Branch in 1997, local businessman and community leader, Graham Norman, investigated the Community Bank® concept with the idea of attracting one to East Ivanhoe.
The lack of banking services in East Ivanhoe had impacted on so many business and community members alike. The inconvenience to the local community was enormous. Trading and general morale had taken a beating. As loyal as our customer base was, time is a very precious and powerful commodity. As our customers travelled elsewhere to do their banking, they also took their shopping dollars elsewhere.
In February, 1999 the East Ivanhoe Community Bank® Project Steering Committee made first contact with the Bendigo Bank Community Banking Group, and from there embarked on a quest to make it happen. After years of hard work to engage the local community, the East Ivanhoe Community Bank® Branch opened its doors on 12th May, 2001 following the support of 230 shareholders who raised $478,000 in funds, as required by the Bendigo Bank to begin trading as a banking business.
As part of the Expansion Strategy outlined in the 2007 Business Plan, the Board reviewed opportunities to grow the organization by opening another Branch. In May 2008 the NAB closed its doors in Burgundy Street, Heidelberg, resulting in an opportunity for the Board to work with a team of Heidelberg traders and locals to explore this opportunity. The Heidelberg Steering Committee was formed and over a twelve month period raised $850,000 in funding to establish the Heidelberg Branch. The Heidelberg branch opened its doors in September 2009.
The Board is representative of the local community comprising traders, business representatives and local community members. With the expansion of the Corporation an additional four board positions have been created to ensure representation from the Heidelberg Community Bank® Project Steering Committee.
In March 2009, the EICC Board moved a motion to change the name to reflect the new business to "Heidelberg District Community Enterprise Ltd" (HDCE).
The two branches continue to grow and support the local community with annual sponsorship and grants programs, resulting in almost $3,000,000 in community contributions to date.