Committee for Lorne: Bendigo Bank – A True Community Bank

Bendigo Bank – A True Community Bank

Last week, a number of Lorne people attended a function in Winchelsea to celebrate the 20th anniversary of the establishment of Corangamite Financial Services which operates the Bendigo Community Banks in Winchelsea, Anglesea and Lorne.

During the evening, the Chairman of Corangamite Financial Service (pictured), spoke of the origins of the business.  He said, “It’s important 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. 

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.

It was an evening of celebration but the overall observation, reinforced time and again by John Knuckey and Jeremy Morris is the concept of “family”, not a word that I recall hearing in any of the advertising of the major banks.  It was apparent that the people who work for the bank are proud to do so, know that they are making a difference and regard their customers as firstly, friends.  It was a powerful statement and demonstration of the true meaning of “Community”.

As I looked around the gathering, I was struck by a number of things:

• The number of people who accepted the invitation to the celebration, including about a dozen from Lorne.
• The fact that so many people had travelled distances to Winchelsea from Lorne, Anglesea and other communities, to be there.
• The diversity of organisations represented who had benefitted from support through Corangamite Financial Services: sporting clubs, community organisations, emergency services, CFA & SES.

When you move around Lorne and see the number of Clubs and organisations displaying signs acknowledging the Bank’s support, it is evident how invested the Bank is in our community and its welfare.  Places like the Bowls Club, Stribling Reserve, Aquatic and Angling Club, Op Shop, Cricket Club, Football Club, Lorne Independent to name a few.  The number of defibrillators that have been supplied, installed and maintained by the Bendigo Bank in conjunction with the Ambulance Victoria is amazing!

The Bendigo Bank has supported our community and other communities on the Surf Coast and in the hinterland.  Our congratulations and our thanks go to those visionary people 20 years ago who “had a go”.  

May your success continue well into the future.

Pete Spring

 

 

A word from the Chairman