A Bank that plays... ball

Come along next Wednesday, May 12th to the Waratahs Rugby Union Club at 5:30 to learn more and pledge your support for the Mayfield Community Bank project.

The Hon. Jodi McKay, MP met the Mayfield Community Bank Project Steering Committee members at a community BBQ on Sunday May 2^nd, and liked what she heard. 

She said "a bank that returns its profits to the community that earned them in the first place, is like a bank with a heart”.

Its welcome support- because we have a deadline to meet. 

We’ve been campaigning for about 6 months, and we need to reach around $500,000 in non-binding pledges of interest. We’re halfway there, but if the campaign drags on too long then people lose interest.

So tell your friends, family, workmates, neighbours- come down, have a beer and a listen, and sing up so we can get this terrific idea off the ground!

The Waratahs Rugby Union Club is at 42 Station St, Waratah. Download a copy of the flyer by clicking here.  

Benefits of Community Banking

Come along next Tues 27th April to Mayfield Bowling Club (next to the Pool) for TWO sessions- 

5:30 pm to 6:30 pm

OR

7 pm to 8 pm

Watch a great little 4 min video

and a theatrical presentation on Community Banking

and see what you can do to make our Mayfield Bank happen

Community Bank project passes a milestone.

“It won’t be long before we open up our Community Bank in Mayfield” said Bronwyn Grieve. Bronwyn is Chair of the Mayfield Community Bank project. 

"We've reached the first $200,00 in our pledge campaign.  

“We will celebrate it by holding an account-opening afternoon in Mayfield. People can open accounts with the nearby Wyong community bank. When our bank opens, the profits generated from our banking with them, will be transferred here, and of course people can transfer their accounts here as well. 

“Our campaign aims to reach $800,000 in pledges. The pledges don’t involve money immediately. They’re simply a way to see if there’s enough people around to raise the start up capital. After we’ve reached $800,000, we’ll have an independent feasibility study, to see if there is enough banking for the bank. 

“Pledges only have to be $500, but can go up to $85,000. We also like to hear ideas for spending the future profits”. 

People who’d like to open an account or want to find out more are invited to come to the Stag and Hunter hotel, Mayfield, on Tuesday 13^th  April.  

The Branch Manager of Wyong Community Bank,  Adele Alessio (JP) will be available from 4:30 to 5:30 to open accounts. See below to find out what you need to bring.

At 5:30, the Steering Committee will hold an open meeting to keep the project rolling.

What you need to open an account:

Adele Alessio (JP) Branch Manager Wyong Community Bank will be available. You will need to show:

* Personal Accounts: Drivers Licence (copy plus original to sight) & Tax File Number

* Sole Trader Trading As: eg. “John Smith T/as ABC Widgets”. Business Registration and drivers licences of all Signatures to account (copies plus originals to sight)  , ABN Number, Tax File Number.

* Partnership: Copy of Partnership Agreement, if also a Trading As then we also need Business Registration, ABN Tax File Number and Drivers licences

* Pty Limited Business: a “Copy” Certificate of Incorporation and Form 201, ABN & ABN numbers and Tax File Numbers, along with Drivers Licences of all signatories

* Club Account: Minutes of the meeting stating Office Bearers and Signatories. If it’s an * Incorporated Association copy of the Incorporation Certificate & Drivers Licences from all signatories.

"Banking on Pooled Money"

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

A community bank might soon open in Newcastle. . .

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.

Mayfield Community Bank Project passes $100K mark

Mayfield Community Bank steering committee just celebrated its first milestone, reaching $100,000 in pledges in just eight weeks of campaigning.

They're working hard to start the Hunter region’s first Community Bank.

 

The model is based on the community owning its own branch as a local business, with Bendigo and Adelaide Bank Limited (BABL) providing a comprehensive banking service on a franchise basis. 

 

The committee has promoted the idea locally, gathering pledges of support.

Pledges are non-binding. They’re used to gauge if people will invest enough in shares to start the business. When pledges reach the target region of $800,000 a feasibility study takes place. If its positive, a public company is formed. The company issues a Prospectus and raises local capital. It then secures premises, recruits staff and opens for business. 

 

The Community Bank retains half of the profits. After costs, a minimum of 80% of remaining profit is given to local community organisations, and the remainder can be returned to shareholders. 

 

Initial pledges range from a minimum of $500 up to a maximum of around $50,000. After a mere eight weeks of campaigning, pledges have already passed the $100,000 mark. It shows many people in Mayfield are excited by the possibilities the concept offers. So are Newcastle City  Councilors.

 

At a recent public voice hearing, Councilors were impressed to hear that in East Gosford, a community of 3,500 people, the bank gave a quarter of a million dollars to local organizations.  Furthermore, applications were not snagged by bureaucracy, but within one or two months of application.

 

“Imagine if we had such a bank in Mayfield, what we could do” said Chairperson Bronwyn Grieves. “We could improve Mayfield Pool, adding features to make it more fun and increase patronage with little cost to council”.

 

“It’s the sort of bank we need. It builds community spirit and networks as people do their banking. It helps to create the sort of vibrant community that the Hunter will need to adapt to a challenging future”

 

Pledge forms can be obtained and lodged at the Mayfield Pool Shop, John Karmas Real Estate and Jon Dickson in Maitland Road Mayfield. For more information, ring Steering Committee members Annie Rook 49683648 or Niko Leka 0406296141.  

Dip into your own bank

The Mayfield Swimming Pool opened recently with a celebration of its newly installed solar heating. The People's Chorus sang, there was music from a wonderful singer/guitarist, MC'ed by Gionni di Gravio, and perfect swimming temperature.

Mayfield Community Bank steering committee with mentor Bob Rudd and his wife spent the day explaining the benefits of community banking. Bob came along prepared to cool us off with a marque from Kincumber branch.

If you haven't done so already, now's the time to fill in a pledge form- download one here- and drop it into the box at Kathie Heyman's pool shop or John Karmas' real estate agency.

Mayfield Community Bank project is on the move.

Saturday 12th September.

Photo: Greg Hall.

The fragrance of frying onions and sizzling sausages transformed a quiet Mayfield street corner into a minifestival. Neighbours- some of who had never met each other- came out to have lunch and talk about their ideas of what a community bank could do for Mayfield. 

The Mayfield Community bank steering committee is going to host more BBQs, as well as street stalls and small group presentations over the next few months to explain how the proposed bank will benefit people in Mayfield.

Their goal is to gather as many expressions of interest in the project as quickly as possible. Once these pledges expressions total $800,000 then the project can move one to its next stage. This will be an independent feasibility study. If the study is encouraging, a prospectus can be issued- and from there, opening the doors is not far off.

But we have to get to that level of pledges first. So, make sure you’ve lodged a pledge, and ask your family and friends to. Feel free to contact us if you have any questions, or if you’d like us to come and do a presentation to your group. 

Niko Leka, Steering Committee