A significant amount of work and public consultation has been undertaken in relation to the feasibility of establishing the Yarra Junction District Community Bank® Branch.
A preliminary public meeting was held to discuss the Community Bank® concept and the steps required to establish a Community Bank® Branch in Yarra Junction. As a result‚ the Company engaged an independent consultant‚ HLM Mann Judd Consulting to conduct a feasibility study in relation to the proposal.
The results of the feasibility study were presented to the Directors at a meeting held on 27 February 2007 and it was unanimously voted to proceed towards the establishment of the Yarra Junction District Community Bank® Branch.
Warburton Community Bank® Branch
The establishment of Warburton Community Bank® Branch was truly a community effort.
Representatives from the Chamber of Commerce‚ Tourist Association and Seventh Day Adventist church joined forces and as a united body‚ successfully applied for a Streetlife Program grant.
The grant enabled the group to initiate a business plan to assess the short and long term viability of Warburton.
In 1998 the group‚ led by local resident Don Vickers‚ decided a priority was to return full time banking services to the town.
A steering committee was formed and‚ under Don's leadership‚ the Community Bank® project led to a $300‚000 shareholding plus a healthy $100‚000 over-subscription.
Upper Yarra Community Enterprise Chairman Ian DeLaRue said it was a long and involved process‚ the branch finally opening its doors for business on February 28‚ 2000.
This was a proud moment for our community.
The real heroes were those who provided funding for the feasibility study‚ fully aware a negative result would have meant the loss of their hard-earned contribution.
The Shire of Yarra Ranges granted $5000 to the feasibility study‚ providing half of the funds required.
Opening our Community Bank® branch sends a clear message from the people of our community that they want a say in our financial destiny and are prepared to speak with their cheque books.
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.