Bank’s returns to community exceed $4.2m

AS THE 20th anniversary celebrations of the Surf Coast Community Bank continues, the company says it is important to reflect on where it started.

Winchelsea originally had two major bank branches in the town, but both left in the early 2000s.

Access to a bank branch was vital at the time and it forced the local residents and businesses to travel to Geelong or Colac to do their banking.

Many people thought the town was “drying up” and worried what the future would hold.

A group of locals then approached Bendigo Bank about the new Community Bank concept.

This starts with a local company (in this case Corangamite Financial Services) owned by people in the town, with a profit-sharing arrangement with the Bendigo Bank after franchising arrangements.

After the initial approval of Bendigo Bank, a committee was formed in 2002, which drove the process and led to the opening of the Winchelsea and District Community Bank branch on November 12, 2003.

The support in the form of banking business was outstanding, and the branch reached a break-even point within six months – well ahead of the two year forecast.

The board of Corangamite Financial Services then agreed to merge with an Anglesea committee, which was trying to establish its own bank, and Anglesea became the second branch of the company, just 18 months after the opening of the Winchelsea branch .

Many business and community milestones continued in the following years, including the establishment of a third branch in Lorne, and the more recent purchase and development of the new Anglesea branch.

The total returns back to community now exceed $4.2 million and are far beyond anything that could have been imagined when the doors first opened at Winchelsea 20 years ago.

Over the past year, more than $500,000 has directly flowed back to local community groups and organisations, as well as committing a further $1 million toward the Winanglo residential development in Winchelsea.

The board are extremely proud of what has been achieved since the inception of the business and there is a strong show of commitment, with present board members Robert “Charlie” Earl, Ken McDonald (initial chair) John Tebbutt (former chair) and incumbent chairman John Knuckey all part of the original steering committee 21 years ago and still going strong.

The manager of the three branches, Jeremy Morris, has also seen out the entire journey in the role, and popular teller Sally Dyer was also one of the original staff.

The Surf Coast Community Bank has made a significant contribution to large and small communities along the Surf Coast and into the hinterland.

Many people still enjoy the peace of mind provided by face-to-face banking and that looks likely to continue for many years.