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

Mayfield Community Bank neighbourhood BBQ

Are you keen to see a Community Bank started in Mayfield? Just imagine, its possible to have it up and running by this time next year!

Now is the time to help get it started, by lodging your pledge (a non-binding expression of interest).  We need to get to $800K in pledges. We then comission a feasiblity study. If its positive, we issue a prospectus .... and then setup. We're already on our way, in just a few weeks we're already near $100K in pledges.

So this weekend, why not join your fellow residents for a BBQ and find out more. There’s no pressure, no obligation, the BBQ is free- what can you lose?

Hope to see you this Saturday 12th Sept, 11am- 1pm, cnr Gavey and Fitzroy St. Mayfield.

Niko Leka,

Mayfield Community Bank Steering Committee.

Mayfield Community Bank Project is Rolling!

Since our packed meeting to launch our Pledge Campaign many people are asking for Pledge forms...

so either contact our Steering Committee, or you can download an Information Form and a Pledge Form by clicking these links. 

Pledge forms can be returned to:
Aussie Pool Lovers                                       -OR-                  Realty Partners                      
160 Maitland Road, Mayfield                                                 262 Maitland Road, Mayfield
 
 
More news on our progress soon!

& ps Don't forget to spread the word amongst your friends and neighbours.

Community Bank® public meeting a success

More than 50 people attended our meeting on Tuesday 28 July.

Mayfield Community Bank® Steering Committee Chairman Kathie Heyman said the public meeting was a huge success. 

“This is a campaign which will benefit the entire community, not just with a traditional, over the counter banking service but with profits being retained for use within our town,” Kathie said.

“I urge anyone with an interest in the future of Mayfield to ask questions about this campaign and to indicate their support via a pledge form.”

Pledge forms and further information regarding the campaign is available from Aussie Pool Lovers or Realty Partners both on Maitland Road, and members of the local steering committee. 

East Gosford & Districts Community Bank® Chairman Bob Rudd also attended the information session. Mr Rudd said that
“Over 230 communities across Australia have gone through the process and have benefited enormously, as will Mayfield.
“East Gosford in particular has experienced fantastic support during the past nine years and has experienced business growth of $148.9 million, with more than 6,700 customers enjoying the personal banking services offered by local staff.

Last financial year the company gave more than $61,000 back to local community groups and projects, with a further $66,000 distributed this financial year".

The Mayfield Community Bank® Steering committee is aiming to raise around $800,000 in pledges of support from local residents over the next three months.

Mayfield Community Bank Pledge Launch

The Mayfield Community Bank initiative will be holding a pledge launch on July 28th upstairs at the Stag and Hunter 5:30 pm.

People who are interested in supporting a bank that will spend 50% of its profits in Mayfield on local community projects are invited to attend. Pledges at this stage are indicative of support and are not binding.

Click here to download and read a pledge form, and here to read an accompanying information sheet

You can download this invitation from here.

See you on the night!

Niko Leka, Steering Committee.