Community Bank Paynesville is celebrating 20 years in the Paynesville community this year.
Back in 2004, with no banking services available in Paynesville, a steering committee was formed by interested locals to look at the possibility of having a community bank operating in the town.
Geoff Brooks, Gerry Veitch, David Bowman, Rhondda Fisher, Irene Coburn, Bob Rees, Betty Emsell, Don Blainey, Merv Wigg, Andrew Quirke, Steve Hall, John Hancock, Meghan Quinn, Dennis Bills, Ruth Wilson, Fred Steinkellner, John Smellin, Mark Kenney and Brenda Murray came together to form the steering committee.
An information day was held with details about setting up a Bendigo Bank branch under the ‘Community Bank Model’, including regulations that had to be followed, estimated timelines, the process to raise working capital, and a list of endless tasks that needed to be completed to get the idea off the ground.
The committee gained much interest from the public for the community bank idea, and prospective shareholders pledged $800,000 towards establishment and working capital. A feasibility study began, with the prospectus stage to follow. At the time, Paynesville had the most successful launch by a community branch, with shares being taken up at a record rate and capital was raised to form a company and begin the bank process in earnest.
Following the changeover of some of the steering committee members, thirteen dedicated members formed the original company to manage operations, and after much hard work, the branch opened on December 12, 2005, with five staff members. The local community supported the branch as customers, and were delighted to have their own bank branch in town.
One of the original staff members, Karen Newman, still works in the branch 20 years later, and celebrates her 20th year with the branch this month also.
Through the Community Bank Model, the branch operates as a franchise under Bendigo Bank, and provides a full range of banking and investment services. As part of the Community Bank Model, the branch also provides grants and sponsorship to local community organisations and sporting groups through their Community Investment Program which is held annually.
By banking with the branch, the bank is able to give back to the community and each customer helps do this.
Over 20 years in Paynesville, the Community Bank has been able to give back more than $1,370,000 to the area through grants and sponsorships, plus they have provided nine tertiary scholarships to local students attending university in Melbourne, plus paid a further $325,350 as dividends back to shareholders over this time.
The Community Bank has also won an East Gippsland Business Award, assisted local groups purchase much needed equipment, hold events, run activities, encourage sport, and provided much needed funding to help the area grow into a strong and liveable community.
Having the community bank in town has definitely been a win/win for the Paynesville district.
The Community Bank Paynesville will be holding an event at the Paynesville Hotel this Saturday, November 29, from 11.30am – 2.30pm for all their customers, shareholders, past and present staff and directors to celebrate their 20-year milestone.
