Community bank celebrates milestone birthday

A community bank run by the community for the community celebrated an exciting milestone birthday last week. Since opening in 2011, Community Bank Beechworth & District has returned more than $1 million to local communities through grants, sponsorships, scholarships and donations. “The directors are incredibly proud of this achievement, not because of the amount invested, but because of what it represents,” company secretary and an inaugural board member Sue Humphris said. “Support has become part of what helps make our community strong and connected. “A simple idea 15 years ago with a vision shared by local people for a local bank with community benefits has grown into a lasting community asset as well as a trusted partner." Ms Humphris said with the backing of 331 local shareholders and more than $730,000 raised, the project got off the ground, “The community wanted a locally owned business that would create jobs, support local projects and keep profits in the district.,” she said. “The journey began with five local jobs created and the bank becoming an important part of community life.” Ms Humphris said the same principle of local people bank locally with the whole community benefiting remained today. She said a steering committee initially worked through the feasibility, capital raising and establishment phases around 2009 to get the bank off the ground. Governance was transferred from the Indigo Community Development Group Limited created to a volunteer board of directors with 30 directors who have volunteered their time over the last 15 years. Ms Humphris said among highlights of the bank’s journey included a distribution of $2000 from branch revenues to local schools and educational facilities on its opening day. “In its first year of operation, the branch achieved a business book of $26.7 million, exceeding its initial forecast,” she said. “The bank also worked with the Bendigo Bank Community Enterprise Foundation to help secure $250,000 for upgrades to the Stanley Recreation Reserve and $55,000 for the Beechworth Neighbourhood Centre Community Kitchen." Among community groups supported since then have been local schools and kindergartens sporting clubs, emergency services, festivals, major local events and community support organisations. “Many local organisations now plan their projects and events knowing the bank is there to help,” Ms Humphris said. “Every dollar has helped support people, projects and organisations that make our communities stronger. “From local schools and sporting clubs to festivals, community groups, emergency services and wellbeing initiatives, these investments have helped create opportunities, build connections and enhance community life across the district. “We are proud to see the positive impact the bank continues to have and grateful to everyone who has supported the journey along the way. “Decisions are made by local people who understand local needs and understand the challenges of attracting volunteers, the effort of running an event, the needs of the local schools and the importance of investing in community facilities. “In many ways, the most important outcome is that the bank has become part of the district's social infrastructure, not just its financial infrastructure. “Over the past 15 years, the bank has helped create opportunities, strengthen connections and contribute to the wellbeing of communities across the district." Ms Humphris said the bank looked forward to continuing to champion local opportunity, support the next generation, strengthen resilience, and invest in the people and organisations that make Beechworth such a special place to live. She said the bank will embrace new technology, supporting fresh ideas, build resilience and continue to invest in local people. Bank board chair Ben Merritt thanked the community for its support. “I would like to thank the Indigo Shire community and people who bank with us because it the bank making a profit which means it gets invested back into the community,” he said. “I would like to thank our staff, directors and all shareholders for the last 15 years.”

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