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 | What is Community Banking? |
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The Community BankŪ model was developed by Bendigo Bank to provide communities with the certainty that banking services will be available locally.
It is a franchise, with the community owning the rights to operate a Bendigo Bank branch.
The local community forms a public company limited by shares to represent the local community. The company raises capital locally and purchases from Bendigo Bank the right to run a bank branch.
A Community BankŪ branch has three aims:
* To secure branch banking services for participating communities.
* To help communities better manage locally generated capital, and so provide them with a better return on their capital.
* To enable participating communities to share in revenues generated from their Community Banking enterprise.
Since 1998 local communities and the Bendigo Bank have successfully established over 200 community branches throughout Australia.
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