Daylesford District Community Developments Limited (the Company) was incorporated on 18 March 2011 for the purpose of establishing and operating the Daylesford District Community Bank Branch of Bendigo Bank (DDCB) .
This followed an extensive campaign that commenced in 2008 and led to the incorporation of the Company and the issuing of a Company Prospectus in August 2011. The minimum number of 500,000 shares described in the Prospectus were allocated in November 2011 thereby enabling the establishment of DDCB to proceed, and the maximum number of 600,000 shares were fully subscribed by end of February 2012.
The Company has entered into a Franchise Agreement with Bendigo and Adelaide Bank and operates DDCB in accordance with that Agreement.
DDCB's operating costs are borne by the Company and the revenue derived from each banking transaction is shared between the Company and Bendigo and Adelaide Bank.
Profits derived by the Company are returned to the Community through Sponsorships Grants and Donations and to Shareholders as a dividend.
DDCB opened for business on 17 April 2012.
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.