A CAMPAIGN has been officially launched to establish a community bank in the Eurobodalla.
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Moruya’s Chris Gandy raised the idea of bringing community banking to Moruya after the St George Bank closed its doors in June.
He questioned why the shire did not have a community bank and the more he investigated the concept, the more benefits he saw.
Mr Gandy began discussions with Bendigo Bank, which since gave its approval to take the next step in establishing the Eurobodalla Community Bank.
Steering committee volunteers are now out in force collecting pledges from people to buy shares once they go on the market.
Mr Gandy said the pledges were not legally binding but a way the community could demonstrate its support without having to initially outlay funds.
He said the target was $1 million in pledges and once that was received, Bendigo Bank would employ consultants to review the Eurobodalla market.
“If we get a green light from that independent review we then form a company and issue a prospectus,” he said.
“Through the prospectus process we will list like any other company and hopefully people who made the pledges will back up with share purchases.
“Shares to the value of $1 million will give us sufficient money to fund the opening of the branch; to secure property, employ staff and cover all the incidental costs associated with start up of a small business.”
Mr Gandy said the Eurobodalla Community Bank would operate as a franchise, with a local company running the business and banking services provided by Bendigo.
“The critical difference about our bank is that the profits that are made by the bank go back to the community and that’s our big difference with all other banking institutions, whether credit unions, building societies or banks,” he said.
He hopes once a Moruya branch gets going further agencies and branches can be established in other towns throughout the shire.
For more information visit https://eurobendigo.wordpress.com, like the Eurobodalla Community Bank on Facebook.
Alternatively, keep an eye out for committee volunteers manning stalls at local events, including the Moruya Country Markets.
