Flinders Ranges Community Bank Agency
FLINDERS RANGES COMMUNITY BANK® AGENCY
The Flinders Ranges Community Bank® Agency opened for business on Tuesday 10 December 2013.
The Flinders Ranges Community Bank® Agency is located inside the Quorn Council Office and is open from 10:00am to 4:00pm weekdays.
The Flinders Ranges Council approved the establishment of a Community Bank® Agency to be located in the Quorn Council Office to provide a partial banking service to Quorn. It is hoped that now the Community Bank® Agency is up and running, the community will support the initiative by transferring their banking to the Community Bank® Agency and pledging to help establish the full Community Bank® branch. With a full Community Bank® branch, all surpluses generated by the Community Bank® Agency will be given back to the community by way of an annual Community Grants Scheme.
The Community Bank® concept was developed by Bendigo Bank to provide communities such as Quorn, Hawker, Wilmington and Cradock with the certainty that banking services and access to funding brings. Bendigo Bank provides the banking infrastructure and licensing, while the community runs the branch operation and generates customer support in the area. Together Bendigo Bank and the local community share the revenue, with local surpluses available for reinvestment into the community via grants, sponsorships and dividends to local shareholders. Apart from the benefits to local people, a Community Bank® branch is particularly important in communities where other banks have reduced their operating hours, or closed branches all together. Just like any branch of Bendigo Bank, Community Bank® branches offer a full range of banking and financial services, from everyday savings accounts to business banking and financial planning. By making a pledge you will be able to purchase shares in the local company that operates the Community Bank® branch. It’s similar to investing in any other company-you can buy and sell your shares, have voting rights and eventually, receive dividends. The sooner the local community can show its support by transferring its business to the Community Bank® branch, the sooner the branch will become profitable and can reinvest back into the community.
There are currently more than 290 Community Bank® branches across Australia that have returned more than $120 million to support local communities. A frequently asked quetions flyer is available here.