Money

Issue No. 18 - August/September 2004

Community bank booms in forgotten suburb

Community Banking is alive and well in Adelaide. West Beach is the location of metropolitan Adelaide’s first Community Bank and it’s thriving.

Community Banking is where Bendigo Bank Limited provides the banking products and processes (including the license) and the community provides the capital to create a bank where there is a community-driven need. Revenue is shared equally between the community company and Bendigo Bank, the community company meeting operational costs.

What is the difference? This community-owned bank branch ploughs a share of profits back into the community.

This works very well in West Beach, a suburb surrounded on three sides by the Gulf, Adelaide Shores and Adelaide Airport. The ANZ left in the late 90’s and in population terms it ranks well behind places like Aldinga.

West Beach Community Bank, without the luxury of a supporting branch network or media ‘branding’ campaigns, has been operating now for 33 months. The busin...

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