An open letter to the Community The Directors of the Apollo Bay and District Community Bank are looking to the year ahead and planning how best to develop this great asset over the coming months. We would like to take this opportunity to publicly address some of the questions that are commonly raised. Are we a "proper bank?" Yes, most certainly, one of 300 such banks nationwide. The Community Bank is a community owned franchise of the Bendigo Bank which provides a complete range of banking products and the same sureties as other banks. In fact, during the Global Financial Crisis, the Bendigo was the only bank that actually increased its credit rating. If we provide the same services as other banks, what makes the "Community Bank" different? The Community Bank is designed to keep money within our community and can manage the profit that our local branch generates to fund community projects. While other banks may offer occasional support to community groups, the aim of the Community Bank is to keep 80% of banking profits circulating within the community for projects determined by the community. 20% goes the shareholders who supported the bank to be established in the first place. Bank profits can be used to leverage funding for significant community infrastructure projects, one of the reasons our Community Bank is such a strong supporter of an Indoor Heated Pool. Are my financial details confidential? Absolutely yes. The Directors do not know who our Customers are (unless you tell us or we see you in the branch) and we no access whatsoever to any information about individual accounts. Directors cannot answer questions about banking products, you need to see branch staff about this. Our job as Directors is to build profitability and work with community to develop funding priorities. We believe that our community can be strengthened by retaining banking profits for local re-investment. Finally, a big thanks. The Community Bank is nothing without its supporters. To our Shareholders and Customers: It is you the individuals, clubs and businesses who are committed to building this community who are the real stars of this show. We thank you for your faith and commitment. Yours Sincerely, Gary McPike, Trish Hokin, Ian Richardson, Allen Hokin, Rob Hunt, Tony Webber, Jane Gross, James Walters, Darren Brimbacombe, Libby Riches and Bettina Terry (Directors, Apollo Bay and District Community Bank)
Posted on: Mon, 01 Jul 2013 04:40:19 +0000
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