Community benefits set to flow in Mayfield

Mayfield, Monday 4 May 2009: Plans for a Mayfield Community Bank® campaign launch are now well underway and residents of the local area can look forward to progressing the plan for a community-owned bank branch.

The newly-formed Mayfield Community Bank® Steering Committee will participate in a thorough workshop on 20 May with Bendigo Bank managers to learn the details of running a Community Bank® campaign.

Now, the Steering Committee is planning an awareness and pledge campaign, which will gauge the level of support within the community for the establishment of a community-owned branch of Bendigo Bank. A typical pledge campaign will be approximately 3 months in duration before moving to the other stages of the campaign; feasibility study, prospectus, branch launch. 

“Our committee, made up of local residents and business people, will attended the information workshop to ensure we are fully informed on the Community Bank® concept prior to launching our campaign,” Steering Committee spokesperson Niko Leka said.

Bendigo Bank has successfully partnered more than 230 communities across Australia to open Community Bank® branches.

Niko said a Community Bank® branch for Mayfield would bring so many benefits.

“The model is simple - a Community Bank® branch will be owned by the wider community, and a significant percentage of profit will be retained in the local community and contributed to local projects, returned to local shareholders as dividends and to be spent on things like rent, cleaning and maintenance,” Niko said.

“It will be a massive boost for our economy and will also provide local people with a full range of personal and business banking products and the highest level of customer service including Saturday mornings,” he said.

Across Australia, the Community Bank® network has:
- Returned more than $28.1 million to local communities and projects
- Paid $12 million in dividends to more than 50,000 local shareholders
- Spent almost $40 million in their local communities on salaries, rent, cleaning and other operating costs.

For example, Harbord Community Bank® branch returned $117,439 to the local community in the 2007/08 financial year alone including $54,450 to assist in completion of the Junior Rugby League Football Club house and dressing rooms. Also provided $10,000 to the Harbord Disabled Bowling Club.

“Everyone I’ve spoken to in Mayfield is excited about this concept of banking," Niko said.  

During the Mayfield pledge campaign, the committee will call for people interested in becoming a shareholder in a local community company to make an indicative pledge of support.

“We aim to have at least 250 local people pledge their support. This is a non-binding pledge and no money changes hands at this early stage,” Niko said.

For more information on the Mayfield Community Bank® Campaign or to join the steering committee please call Niko Leka on 0406 296 141.