Town To Get Its First Bank

Newcastle Herald
26 September 2008
By DAMON CRONSHAW

COORANBONG is set to get its first bank, a Bendigo Bank.

It will be the Hunter's second Bendigo Bank, following a branch at Salamander Bay.

The community bank is popular on the Central Coast, where five branches have been established in response to corporate banks shutting branches and charging high fees.

Cooranbong Chamber of Commerce president Antoinette Balnave is spearheading a move to establish a franchise of the community bank in Cooranbong's town centre.

Ms Balnave said a 15-member steering committee was being set up to raise $750,000 to start the bank.

The community could buy shares in the bank for $500 to $1000 each.

Each shareholder has only one vote at company meetings, regardless of the number of shares held. Individual shareholders can hold a maximum of 10 per cent of the company.

"That is to prevent big business from running the bank," Ms Balnave said.

Back to News Index | Back to Home