Geelong Bank reach half-century of operation

GEELONG’S leading customer-owned credit union is celebrating five decades of operations in the Geelong region, with the company CEO praising its community-first approach for its ongoing success.

Ford Co-operative Credit Society Limited (FCCS), currently trading as Geelong Bank, has just reached its 50-year anniversary since first opening its doors within Ford Motor Company Geelong’s stamping plant in 1974.

Geelong Bank CEO Vivien Allen said the team has been in high spirits over the past fortnight, with the organisation hosting birthday celebrations at its headquarters on Gheringhap Street.

“It’s been fantastic, we’ve pulled out all the stops, from specially made cupcakes to special deals as well, the team has been really enjoying the past couple of weeks,” Ms Allen said.

“One of our customers John came in to sing happy birthday in the tone of Marilyn Monroe, it was just absolutely fantastic, and we’ve heard lots of messages of support from others we cater to.

“We can’t forget the sausage sizzle as well which was made possible by the Geelong Breakfast Lions Club.”

The bank’s official birthday took place on September 12, while celebrations ran from September 9-13.

In the 1970s, FCCS established agency branches at each of the Ford Motor Company’s three sites in Geelong for convenient banking to its members.

The FCCS experienced major growth in the decades to come, expanding into Sydney and then participating in a pair of mergers with other credit unions, ultimately allowing it to expand its services to non-employees.

In 2016, FCCS had to change its identity following the closure of Ford’s manufacturing operations.

This set in motion the credit union changing its identity and ultimately its name to Geelong Bank to 2018 and transitioning from a traditional credit union to a modern customer-owned banking institution.

Ms Allen said her team’s commitment to assisting residents continues to be a point of difference for Geelong Bank compared to the big banks.

“We have a real mixed bag of experience when it comes to the team here, our member services manager has over 30 years of banking experience, some of the others come from retail backgrounds and even one who was a former Qantas stewardess,” Ms Allen said.

“But the one common theme is that they value making a difference with their customers, it’s what they want to do on a day-by-day basis.”

To celebrate reaching its 50th year, Geelong Bank has announced it is offering five-month term deposits from $50,000 to $250,000 at 5% per annum and 5.50%/6.9% one-year fixed home loans.

For more on Geelong Bank’s history and services, head to geelongbank.com.au