We loved this titled so much we're running this article from local paper The STAR, by their journalist KYLIE ADORANTI 06 Jan, 2010 04:00 AM
http://www.newcastlestar.com.au/news/local/news/general/mayfields-community-bank/1718353.aspx
Mayfield residents have thought of a new way to raise money for community projects.
The residents have started a group that aims to establish the Hunter’s first community bank.
Bendigo Bank created the community bank model, based on the community owning its own branch as a local business, with Bendigo and Adelaide Bank Ltd providing a banking service.
Mayfield community bank project steering committee secretary Niko Leka said the best thing about the community bank was that 50 per cent of profits go directly to the community.
Mr Leka said one of the committee’s first projects would be to revamp Mayfield swimming pool.
“We could use the money to improve the pool at no cost to Newcastle City Council, maybe get a water feature for the pool, but we need community support first,” Mr Leka said.
The committee needs $800,000 pledged from the community to start a feasibility study into establishing the community bank. {Pledges are non-binding expressions of interest- if the feasibility study is positive, a prospectus is issued and people may then honour or change their pledges- Niko}
People can pledge a minimum of $500 and a maximum of $50,000.
Pledge forms can be picked up from The Pool Shop and John Karmis Real Estate Agency in Mayfield.
Go to http://mayfieldcommunitybank.blog spot.com to download a form or for more information about the community bank.
