By DANE LILLINGSTONE
COMMUNITY organisations in Stanthorpe are expected to benefit most from the opening of the new community bank.
The Stanthorpe Regional Community Bank has raised over $750,000 in eight weeks. The bank’s prospectus closed with $755,351 in shares issued and now anyone else wishing to buy into the bank will now have to do so through existing shareholders.
A new location will be the final step in establishing the bank along with hiring five new employees.
Stanthorpe Regional Community Bank board chairman Don Gaske said he expected everything to be finalised within three months.
“We started a campaign a bit over two years ago to establish a community bank in Stanthorpe,” he said.
“It’s been a lot of work in two and a half years.
“We hope to make an announcement on the new location sometime soon.”
The board of directors has been set up with nine local business people responsible for running it. All of the business from the current Bendigo Agency will transition straight over to the new community bank.
There are currently 310 community banks in operation around Australia with profits redistributed in the community.
Mr Gaske has been in Stanthorpe since he became the bank manager of the ANZ in 1985 and said the community bank had been well supported since the idea was first floated.
“Stanthorpe is a very tight knit community and it has been very well supported by locals,” he said.
“Of the profits that we generate, 80 per cent will be going back to community organisations. They won’t go to a head office somewhere. We’ll be able to make our decisions locally.
“We’ll accept requests throughout the year from different organisations that are looking for financial support. We will probably have a grants or sponsorship night.
“We anticipate it will be a substantial amount that we’ll be able to put back into our local community.”
