Around 100 people attended the Community Bank celebration of over a $1 million in grants to local community groups on a chilly evening in the Daylesford Town Hall.
Daylesford District Developments Limited, trading as Community Bank Daylesford District has a 14 year history of supporting the local community. Phil Gay, the current Chair of the Community Bank told the audience of community groups, bank staff and supporters that after a rocky start that almost saw the bank fail, it has gone from strength to strength.
From an initial portfolio of around $30 million it has now reached $150 million with over 2000 customers. The bank operates as a franchise model where the local bank shares the revenue it generates from local banking transactions 50:50 with Bendigo Bank. Community Bank Daylesford leases the building and employs the staff. Bendigo Bank provides all the banking infrastructure and systems.
Surpluses generated by the Community Bank are reinvested in the community through grants and sponsorships in addition to returns made to local shareholders.
More that 30 local people have served on the Bank Board since its establishment and more than $1 million has been invested in local organisations and projects.
The audience heard how following the Black Friday bush fires and the close call Daylesford had with the Musk fire, the Bank provided the Daylesford Country Fire Authority chapter with $80,000 which was used for a light tanker. Other speakers highlighted the role of the bank in supporting health and aged care initiatives, local youth projects such as the creation of a bike hub at the Dharma School and local cultural initiatives including Words in Winter.
Speakers encouraged members of the audience to bank locally with Bendigo Bank to support community initiatives. Mr Gay reiterated that local Community Bank’s focus remains, providing first class local banking services, creating local employment, generating funding for community groups through sonships and donations and making a return to local shareholders.
