A group of interested community members were briefed on 28 October 2000 in relation to the proposal to establish a Community Bank® branch in Braidwood. Subsequently‚ a committee was formed to evaluate the proposal.
A public meeting was held on 7 December 2000 to outline the proposal to the community‚ and to determine if sufficient interest was evident to continue.
After successfully achieving the nominated pledge total of $350‚000‚ the committee engaged an independent consultant to conduct a feasibility study in relation to the proposal. This study determined that a total of $410‚500 of shareholder's funds would be necessary before the doors could open. One month after the opening and at the close of the prospectus‚ 13 months after its issue‚ the shareholding total was over $506‚000.
The branch was officially opened for business on 7 September 2002.
Our depositors are protected under the Australian Government’s Financial Claims Scheme (FCS) which provides protection and quick access to deposits made with a bank, building society or credit union in the unlikely event that one of these institutions fails. Find out more here.