In October 2008 Carol Gaston attended a water rally on the bank of the Murray River near the Aquatic Club in Goolwa. She was overcome by a sense of powerlessness and lack of control the community had over the plight of the river. She decided that perhaps the community could have some control over some of the money it puts through the banking system by establishing a Community Bank®.
In Jan 2008 the first Steering Committee meeting was held which started a pledging process.
- By October 2009 the pledge target of $700K was reached.
- By the end of March 2010 an independent business case was completed‚ the cost of which was supported by Alexandrina Council. The case indicated that a Community Bank® branch would be successful.
- In April 2010 Bendigo Bank approved the application of the Steering Committee to purchase franchise.
- In May 2010 AlexInvest Community Services Ltd was registered and Company Directors appointed.
- In June the site for the bank was selected: Shop 3 Goolwa Shopping Centre‚ Hutchison St.
- June 30th 2010 the prospectus was launched to raise a minimum of $700K and a maximum of $900K.
- In February 2011 capital raising stopped at $790K.
- On May 6th 2011 the Goolwa & District Community Bank® Branch opened its doors.