History of Dingley Village Community Bank ® Branch
Following the closure of the last financial institution in Dingley Village in December 2000‚ the Chamber of Commerce sought support from the community for a Community Bank®.
Coincidentally‚ at the same time the support was being raised‚ another financial institution announced its closure. Faced with no banks in the Dingley Village Community the community support was strong and a steering committee was formed. Pledges were raised and a feasibility study conducted.
In September 2001 our company was formed and a prospectus was issued to raise the required capital in November 2001.
Notwithstanding the Christmas/New Year period‚ $630‚000 in capital was raised from the share offer‚ premises secured and fitted out and staff recruited. Our shareholder meeting was a very successful social night with more than 350 people in attendance‚ followed by our bank branch opening the next day. The strong support from this community got our bank branch off to a good start.
We formally opened our doors on 22nd April 2002 with no business, no loans, and no deposits in our branch but a community full of support. We set a new metropolitan record by opening 247 accounts and having banking business of $887‚946 in the first week of business.
We now hold over $200 million worth of banking business and we employ ten staff. We have contributed over $2.3 million of profits back to the community. Through grants and sponsorship we have supported football, netball, cricket, baseball, scouting, aged care, service clubs, schools, the neighbourhood centre and numerous other community groups to continue to offer their services, particularly when the Global Financial Crisis hit and donations from alternative sources become scarce.
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.