Banking on a nice profit for community
THE Stanthorpe Regional Community Bank has a major advantage over other community banks across the country, steering committee chairman Nev Winter said.
"We should turn a profit much quicker than the other community banks, which usually start with nothing," he said.
The bank, which is expected to open in mid-2015, will build on the assets that already exist in the local Bendigo Bank agency on Rogers St.
"We're not starting from scratch," Mr Winter said.
With 284 pledgees, the community bank is well on its way to reaching its target.
"We've come a long way since March, when we had zero pledgees," steering committee member Don Gaske said.
Prospective shareholders of the community bank gathered at the Stanthorpe RSL on Tuesday night.
Questions were answered, including queries on the bank's viability and security for its shareholders.
"There are two aspects of the community bank - the shareholders and the banking," Mr Gaske said.
"As usual, the shares are at risk.
"But the banking is covered by the $250,000 government guarantee."
Local pledgee Pauline Whieldon said she was looking forward to being a part of the community bank.
"I really like the community part of it," she said. "I don't usually like banks - but it will be good to give back to the town."
The steering committee has sent more than 5000 surveys to local residents, and will use the collated data to determine the feasibility of the Stanthorpe Regional Community Bank.
Enquiries to Nev Winter on 4683 7292.