Maldon & District Community Bank - A history
The idea for a Community Bank® branch in Maldon was first raised in 1998‚ after the Commonwealth and National banks closed their doors. Local resident Ralph Fuller led the charge and a project steering committee was established.
The first step towards a Community Bank® branch was a feasibility study to evaluate the potential success of the branch. With financial support provided by Mount Alexander Shire Council and local supporters‚ the study was completed in 1999‚ giving the branch the green light.
A total of 170 pledgees committed $250‚000 to establish the branch and Maldon & District Financial Services Limited was born. Trading as the Maldon & District Community Bank® Branch‚ the doors were first opened on 24 April 1999. Original instigator Ralph Fuller and the then Bendigo Bank CEO Rob Hunt officially opened the leased premises at 93 High Street‚ Maldon.
Maldon & District Community Bank® Branch operates as a franchise of the Bendigo Bank‚ providing banking services and nurturing communities in the historic tourist and farming areas in the heart of the central Victorian goldfields.
It has its own board of volunteer directors who oversee the business‚ pay staff and maintain strong community connections.
The first board was appointed including members of the original steering committee. Mark Boyd-Graham was elected chairman and Steve Coyle was appointed as the branch's first branch manager. Trudi O'Donnell succeeded Steve in 2006‚ with the current manager‚ Ben Rodda‚ appointed in 2008. When Mark Boyd-Graham retired in 2008‚ Andrew Leckie acted as Chair until current Chairman Ronald Snep was appointed.
The Community Bank® company operates under the trading name‚ Maldon & District Financial Services Ltd and is a company limited by guarantee.
The Maldon & District Community Bank® Branch recorded its first profit in 2001 and expanded‚ opening an agency in Dunolly‚ 37 kilometres north-west of Maldon. In 2004‚ it opened a second agency‚ located in the Rural Transaction Centre in Newstead‚ 15 kilometres south of Maldon.
After just six years of operation‚ the branch was able to award its first community grants‚ which totaled more than $89‚000. Based on this success‚ community grants were issued again in 2007‚ 2008 and 2010 via Bendigo and Adelaide Bank's philanthropic arm‚ Community Enterprise Foundation™. To date more than $1 million has been returned to the communities of Maldon‚ Newstead and Dunolly.
Profits from the Community Bank® branch are also returned to the community via ongoing programs‚ such as the hugely popular Driver Education Program‚ which established in 2003 to provide training probationary drivers and is now offered to learner drivers‚ and the Business Mentoring Program‚ which was first offered in 2010‚ to tutor local business owners.
To improve banking services‚ land was purchased at 81 High Street‚ which is located in Maldon's central thoroughfare‚ in 2008 to build a new branch.
Shortly after‚ the branch celebrated its 10th birthday. In 2010‚ the branch's total banking business reached $100 million‚ marking another significant milestone.
Chairman Ronald Snep said he was delighted with the branch's growth over the past 11 years.
"Our aim is to not only provide access to banking services to Maldon‚ Newstead and Dunolly residents‚ but to partner with local individuals and community organisations to strengthen our community"‚ Mr Snep said.
"This partnership started with 170 pledgees and has grown to more than 4900 account holders.
"Each year through the community's support‚ we are able to return profits back to the community through our programs‚ grants and sponsorships. This is what community banking is all about".
For further information about Maldon & District Community Bank® Branch contact the branch on 03 5475 1747.
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.