Community Bank - five years on
On 26 June 1998, the people of Rupanyup and Minyip celebrated the return of traditional branch banking services to their towns.
Today, five years later, these towns are again celebrating as the board of directors of Rupanyup/Minyip Community Bank® Branches sign its second five-year franchise agreement with Bendigo Bank.
“The renewal of our relationship with Bendigo Bank will ensure that our communities, pioneers of the Community Bank® model, will secure branch banking for a further five years,” Chairman Rodney Clarke said.
“We are extremely proud of the achievements of our two towns which ventured into unchartered waters five years ago - the people of Rupanyup and Minyip supporting this unique banking model from day one.”
Rupanyup/Minyip Community Bank® Branch continues to grow, with banking business exceeding $35 million and staff having opened more than 2000 accounts.
The branches are making a monthly operating surplus of $5000 to $8000 and today a majority of locals are banking at “their bank branches”.
More than $30,000 has been returned to the community in the form of a Community Development Fund and interest payments have returned to those locals who supplied the initial start up capital for the business.
Bendigo Bank Managing Director Rob Hunt said the re-signing of Rupanyup and Minyip’s franchise agreement was an historic day not only for these two towns, but for Bendigo Bank.
“We could not have asked for two better communities to pilot this innovative banking model and I congratulate the board of directors, staff and residents of these two communities,” Mr Hunt said.
“The people of Rupanyup and Minyip committed themselves to the return of banking services and set the scene for communities to follow.
“For Community Bank® to be truly successful it must have the overwhelming support of its community.
“Rupanyup and Minyip have a combined population of just 1100 and yet when contributors spouses and children are taken into account, 750 people have a stake in the business which makes it a truly community spirited business.
“Bendigo Bank’s Community Bank® model engages the community, immediately solving basic banking needs, improving their return on capital and enhancing their future prospects. Rupanyup and Minyip have achieved this, and so much more.”
“The changes that have emerged from Community Banking™ are much deeper than the return of banking services,” Mr Clarke said.
“Bendigo Bank is continuing to show us how to harness our strengths and have provided us with the skills and confidence we require to secure the future of our communities,” Mr Clarke said.