Together we can build a sustainable future
Bendigo and Adelaide Bank has established over 240 Community Bank® branches across Australia in joint ventures with local companies. Each company is owned by shareholders drawn primarily from the local community. The local companies operate the branches as franchises, and share the profits between grants to local community projects and dividends to shareholders.
Just over two years ago, a Steering Committee was established to explore the feasibility of forming a company to operate a Community Bank franchise serving Eltham and surrounding districts. Since those early days, progress has been made on several fronts:
Pledges - A campaign was conducted to encourage individuals, companies and community groups to pledge to invest in the formation of the new company. A capital raising target of $800,000 was set and pledges exceeded this target in the latter part of 2009. The Steering Committee is still able to receive pledges. A copy of the pledge form can be downloaded from this site.
Company Formation - Around the middle of 2009, Valley Community Financial Services Limited (VCFS), the community-owned company that successfully operates a Community Bank® in Hurstbridge, Diamond Creek and Kinglake invited the Eltham Steering Committee to merge its planned venture with VCFS. Eltham accepted and is now encouraging prospective investors in the proposed Eltham company to purchase shares in VCFS when a proposed new share issue becomes available. To find out more about VCFS, particularly their recent history in community sponsorships/grants and payments of dividends to shareholders, please call 9438 3194.
Feasibility Study - Positive results were obtained from a feasibility study conducted in August 2009 to evaluate the potential commercial viability of a Community Bank® serving Eltham and local districts. The study was conducted across residential and business districts in Eltham, Research, Kangaroo Ground and parts of Lower Plenty and Montmorency.
Franchise - A Business Plan for the operation of an Eltham & District Community Bank® was prepared and submitted to Bendigo and Adelaide Bank with an application for a franchise. The franchise was granted in November 2009 which then enabled VCFS to proceed with selection of a suitable site for the branch in Eltham: 1036 Main Road (near the corner of Luck Street).
Prospectus - Following approval of the proposed venture by the Australian Securities and Investments Commission (ASIC), a Prospectus will be issued. In addition to the Eltham community, the Prospectus will also offer shares to potential investors in trhe Doreen area in support of another new Community Bank Branch to be located in Laurimar.
It is expected that the Prospectus will be available in late May. In the first instance, the Prospectus will be sent to those who have previously pledged their intention to buy shares in the new venture. The official public launch of the Prospectus in the Eltham area will take place on Wednesday, 14 July 2010.
Branch Opening - A date for the opening of the Community Bank® at 1036 Main Road, Eltham, has not yet been set. However, refurbishment of the site and installation of new fittings should commence in early June, leading to an opening date of around early August.
In the meantime, VCFS has announced the appointment of Cheryl Meikle as Manager of the Eltham Branch. Cheryl will take up her appointment on 17 May and will be stationed at the Diamond Creek branch until Eltham opens its doors.
Opening New Business - Potential customers of the Eltham & District Community Bank® need not wait until the opening of the new branch: future Eltham customers are encouraged to initiate new business through the Diamond Creek branch immediately. All business will be transferred to Eltham as soon as the branch opens.
In the interim, steps are being taken to open ATMs ahead of the opening date. Likely sites are under consideration in Research and Eltham.
Your pledge of support will make our bank a reality
Eltham & District’s own Community Bank® branch means more than just banking. It’s about local money, local jobs and sustaining support for community projects. This is your opportunity to show your support as a future shareholder and customer to assist in the establishment of our own Community Bank® branch... pledge now
Bring your banking to us and we’ll bring you a bank
New business is already being attracted to the campaign. Once a sufficient level of business is achieved, the Eltham & District committee will be able to start granting funds into our community during the actual campaign itself... find out more
Bendigo and Adelaide Bank has established over 240 Community Bank® branches across Australia in joint ventures with local companies. Each company is owned by shareholders drawn primarily from the local community. The local companies operate the branches as franchises, and share the profits between grants to local community projects and dividends to shareholders.
Just over two years ago, a Steering Committee was established to explore the feasibility of forming a company to operate a Community Bank franchise serving Eltham and surrounding districts. Since those early days, progress has been made on several fronts:
Pledges - A campaign was conducted to encourage individuals, companies and community groups to pledge to invest in the formation of the new company. A capital raising target of $800,000 was set and pledges exceeded this target in the latter part of 2009. The Steering Committee is still able to receive pledges. A copy of the pledge form can be downloaded from this site.
Company Formation - Around the middle of 2009, Valley Community Financial Services Limited (VCFS), the community-owned company that successfully operates a Community Bank® in Hurstbridge, Diamond Creek and Kinglake invited the Eltham Steering Committee to merge its planned venture with VCFS. Eltham accepted and is now encouraging prospective investors in the proposed Eltham company to purchase shares in VCFS when a proposed new share issue becomes available. To find out more about VCFS, particularly their recent history in community sponsorships/grants and payments of dividends to shareholders, please call 9438 3194.
Feasibility Study - Positive results were obtained from a feasibility study conducted in August 2009 to evaluate the potential commercial viability of a Community Bank® serving Eltham and local districts. The study was conducted across residential and business districts in Eltham, Research, Kangaroo Ground and parts of Lower Plenty and Montmorency.
Franchise - A Business Plan for the operation of an Eltham & District Community Bank® was prepared and submitted to Bendigo and Adelaide Bank with an application for a franchise. The franchise was granted in November 2009 which then enabled VCFS to proceed with selection of a suitable site for the branch in Eltham: 1036 Main Road (near the corner of Luck Street).
Prospectus - Following approval of the proposed venture by the Australian Securities and Investments Commission (ASIC), a Prospectus will be issued. In addition to the Eltham community, the Prospectus will also offer shares to potential investors in trhe Doreen area in support of another new Community Bank Branch to be located in Laurimar.
It is expected that the Prospectus will be available in late May. In the first instance, the Prospectus will be sent to those who have previously pledged their intention to buy shares in the new venture. The official public launch of the Prospectus in the Eltham area will take place on Wednesday, 14 July 2010.
Branch Opening - A date for the opening of the Community Bank® at 1036 Main Road, Eltham, has not yet been set. However, refurbishment of the site and installation of new fittings should commence in early June, leading to an opening date of around early August.
In the meantime, VCFS has announced the appointment of Cheryl Meikle as Manager of the Eltham Branch. Cheryl will take up her appointment on 17 May and will be stationed at the Diamond Creek branch until Eltham opens its doors.
Opening New Business - Potential customers of the Eltham & District Community Bank® need not wait until the opening of the new branch: future Eltham customers are encouraged to initiate new business through the Diamond Creek branch immediately. All business will be transferred to Eltham as soon as the branch opens.
In the interim, steps are being taken to open ATMs ahead of the opening date. Likely sites are under consideration in Research and Eltham.
Your pledge of support will make our bank a reality
Eltham & District’s own Community Bank® branch means more than just banking. It’s about local money, local jobs and sustaining support for community projects. This is your opportunity to show your support as a future shareholder and customer to assist in the establishment of our own Community Bank® branch... pledge now
Bring your banking to us and we’ll bring you a bank
New business is already being attracted to the campaign. Once a sufficient level of business is achieved, the Eltham & District committee will be able to start granting funds into our community during the actual campaign itself... find out more
Download your Pledge Form NOW
Return your Pledge Forms here
Morrison Kleeman Real Estate, Eltham
Cafe Z, Research
Post to: PO Box 1216, Research 3095