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Community Bank® network returns $40 million

19 May 2010 |Media centre

Today Bendigo and Adelaide Bank’s Community Bank® network celebrates a momentous milestone; with the announcement it has now returned more than $40 million dollars to support local community groups and projects right across Australia.

The milestone further strengthens the importance of the Community Bank® network as an alternative source of funding for local community initiatives.

Bendigo and Adelaide Bank’s, Executive, Customer and Community, Russell Jenkins, said the Community Bank® initiative has far exceeded all expectations.

“Achieving $40.3 million in returned profit to the community is a fabulous achievement and just goes to show the innovative Community Bank® model is not only sustainable but makes meaningful contributions to communities across Australia,” Mr Jenkins said.

Since its inception in 1998, more than 256 Community Bank® branches have been opened in partnership with 1,690 volunteer directors and more than 63,300 local shareholders, dedicated to delivering better outcomes for their local communities.

The network now has almost 790,000 accounts and boasts a total banking book of $16.3 billion.

“Behind those statistics are hundreds of stories of Community Bank® branches making a real difference to the lives of local people,” Mr Jenkins said.

“The Anglesea & District and Winchelsea & District Community Bank® branches support of Hesse Rural Health is one such story.”

Mr Jenkins said the branches partnered with Hesse Rural Health to provide the Winchelsea community with 10 additional hospital beds for dementia patients and Moriac residents with a new medical centre.

“Corangamite Financial Services, the company which operates the branches, underwrote a loan and contributed $100,000 to the organisation to ensure local residents have access to allied health and nursing services.

“We hope that this success is an indication of things to come and we will continue to be an important part of local communities.”

For more information about the Community Bank® concept contact Lauren Treacy on (03) 5485 7109.

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