Community Bank® network marks 15 years
Bendigo and Adelaide Bank's Community Bank® network is today celebrating its 15th birthday.
On 26 June 1998, the first Community Bank® branches were opened in the western-Victorian farming towns of Rupanyup and Minyip.
Rupanyup and Minyip Community Bank® branches have since grown to return hundreds of thousands of dollars to their local communities, and spurred almost 300 other community owned and operated branches to set-up across Australia.
Bendigo and Adelaide Bank's Customer and Community Executive Russell Jenkins said the Bank was immensely proud of its Community Bank® legacy.
"Originally the Community Bank® model was seen as a way to restore branch banking services to towns, after the last of the major banks closed down their services," Mr Jenkins said.
"Between 1993 and 2000, more than 2050 bank branches closed across Australia representing a 29 per cent reduction in branch numbers.
"Bendigo Bank recognised the impact of these cuts on communities and decided to create a new franchise banking model which saw the Bank partner with communities and share the revenue generated by the branch."
Mr Jenkins said Community Bank® branches across Australia had been able to return more than $100 million in profits back into their communities.
"The Community Bank® model is about securing an alternative source of income so that a community can fund activities or initiatives which make their town or suburb a better place to live," he said.
"Our branches have been able to fund health services, sports programs, aged care facilities, education initiatives and community events.
"With the community's support, there really is no limit to what can be achieved under the Community Bank® model, and I look forward to seeing what the next 15 years will bring."
National Community Bank® network statistics:
- $100 million returned to community groups and projects
- 296 Community Bank® branches
- Almost 1500 Community Bank® branch staff
- More than 1900 Community Bank® company directors
- About 550,000 Community Bank® branch customers
- More than 71,000 Community Bank® company shareholders
- More than $31 million in shareholder dividends paid