The Logan Community Bank® project began in February of 2001 when yet another major bank closure in the Logan district sparked outrage amongst local residents‚ and prompted Cathleen Wallis and Lynne Power to contact Bendigo Bank about possible community bank options within the area.
Once Cathleen and Lynne reported to the community that a Community Bank® was possible‚ the offers of support flooded in from all areas of Logan‚ a district of 170‚000 residents covering a large geographical area north of the Gold Coast in Queensland. A site office was opened in a local shopping centre‚ a steering committee formed from local business people and supporters‚ and the community support poured in from all areas of the district. A public company was then formed in June of 2002 and a Board of Directors appointed from the original steering committee to manage the establishment and growth of the community company.
After evaluating the levels and geographic spread of the support‚ the board approached Bendigo Bank to consider whether the original proposed one or two branches could be extended to cover the Logan area‚ and initiated talks with Bendigo Bank to purchase the two existing Bendigo Bank sites in the Logan area‚ the former First Australian sites at Loganholme and Browns Plains. Bendigo was at first reluctant‚ as the sale of company owned sites had not been part of Bendigo Banks planning‚ however the level of community support convinced Bendigo that the proposal had merit‚ and the formation of Australia's first 'Super' Community Bank® project was announced in September of 2002.
The Company then set about due diligence‚ and produced its prospectus for four sites in November of 2002. Over $3‚200‚000 was raised under this prospectus‚ and the company took over management of the sites at Loganholme and Browns Plains in June 2003.
Springwood branch was then opened on 8th July 2003‚ with Marsden following close on its heels on 12th September 2003. Logan Community Financial Services had achieved an Australian first‚ opening 4 sites within 3 months‚ to cover the Logan area and provide service to shareholders and the community‚ working towards building the economic‚ employment‚ youth and resources capital of the Logan area.
For some time now Logan Community Financial Services Limited (LCFSL) had been looking at expansion opportunities within Logan City boundaries and it was believed timely with the amalgamation of nearby councils and boundary changes of Logan City in March 2008; the profitable nature of our company along with the forward profit projections to re address the issue.
Beenleigh had been viewed in the past by both Bendigo & Adelaide Bank Limited and LCFSL as a prime opportunity given the gap in the Bendigo & Adelaide Bank Limited network between the Logan Community Bank® Branches and the most northerly branches of the Gold Coast.
In recent times the board and management of LCFSL have been active in engaging the business and community sector in Beenleigh which is now seeing the Bendigo brand and Community Bank® model well recognised.
Financial support to a number of the community organisations including Beenleigh PCYC was seen as a major step and commitment to the Beenleigh community and has provided us significant leverage in the market.
The Beenleigh catchment already holding significant value for LCFSL and providing many opportunities to grow our business the new Beenleigh Sub Branch opened its doors with a grand celebration on August 3rd 2009.
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.