Canowindra residents are being urged to pledge funds towards a Bendigo Community Bank branch for the town.
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A committee, made up of Canowindra residents and business people, was formed recently in response to the closure of the town’s National Australia Bank branch to pursue the opening of a Bendigo Community Bank branch in the town.
Representatives from Bendigo Bank, Wayne Simpson, State Community Manager and Tim Butt, Senior Manager Regional NSW/ACT recently visited the town to provide a detailed overview of the community model and how it can benefit the local community.
“The first thing that we need to do is to secure the pledges of the local people,” committee member Cheryl Newsom said.
Q: What is a Pledge?
A: It is an expression of interest in taking a share in the Community Bank when it is launched.
Q: Do I have to give you the money now?
A: No, you are asked to finalise this when the prospectus is issued for the Community Bank. At that time you can either ask for the amount you have given to be allocated to shares, increase the amount, or if your circumstances have changed decline. All you need to do now is to make the pledge of an amount of $.
Q: If I give a pledge do I receive a dividend?
A: Yes, like normal shares a dividend will be paid when the Bank is profitable.
Q: Can I sell my shares?
A: Yes they can be transferred.
Q: What is the target for the pledges for Canowindra Community Bank?
A: $800,000.
Q: What is this used for?
A: This goes towards the fitout of the Branch, and then is for three years operating expenses.
Q: How do I make a pledge?
A: Collect a form from Canowindra Newsagency, Canowindra Phoenix or CKC Accountants, complete and return.
Q: When is the Bank likely to launch?
A: As soon as we have secured the pledges and we have the necessary business on the books.
Q: What is business on the books?
A: This could be any sort of transactional account, i.e. a savings account, a trust account, a mortgage, a term deposit, cheque account. You can set these up with Bendigo Bank in Orange or Cowra or when the Agency is open, in early 2018.
Contact Cheryl Newsom 0411 211 065 or Graham Rice 0427 090 587