 | Frequently Asked Questions |
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- Pledge Campaign - What is an indicative pledge of support?
A. This is an indication of the level of support you would be prepared to give to a Community Bank branch when it comes to raising share capital.
The pledge will also ask for an indication of whether you would be prepared to bank with your local Community Bank branch.
Pledges of support are not binding.
The aim of this process is to determine the level of community buy-in. It is ideal to have as many people as possible from your community to indicate not only an interest in becoming a shareholder, but also in banking with a Community Bank branch.
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- Feasibility Campaign - How does the feasibility study work?
A. The local committee will appoint an independent consultant to undertake the study. Individuals, traders and business people will be asked to complete a survey form, calling for the level of banking business they would be prepared to bring across to a Community Bank branch.
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- Feasibility Campaign - Is the study confidential?
A. Yes. Only the consultant has access to the banking information you provide to the survey. This information is not available to Bendigo Bank or the local committee.
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- Prospectus campaign - Can I own shares in my Community Bank branch?
A. If you decide to invest in establishing a Community Bank branch, you will be able to purchase shares in a local company limited by shares formed to operate a Community Bank Branch of Bendigo Bank.
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- Prospectus campaign - How do I purchase my shares?
A. Before a commitment to open a Community Bank branch, your local steering committee will seek indicative pledges of financial support. By making such a pledge, you will be indicating your interest in becoming a shareholder. Once the committee decides to open a Community Bank branch, a prospectus will be issued and you will be invited to apply for shares.
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- Prospectus campaign - How many shares can I buy?
A. Shares will be issued at $1.00 per share. Typically, local companies seek to issue between 400,000 to 600,000 shares. This number is dependent on the individual community. Applications should be for a minimum of 100 shares, or a greater number in multiples of 100. No individual or company can hold more than 10 per cent of the total shares issued.
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- Community Banking - How safe is my money and my privacy?
A. Depositors are protected by Bendigo Bank, which meets the prudential requirements of the Australian Prudential Regulation Authority (APRA). Bendigo Bank makes all of the credit decisions and protects individual client privacy.
Community Bank branch staff are bound by Bendigo's confidentiality requirements. Directors of the local company have no access to account information and are provided only aggregate financial data on branch business volumes.
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- Community Banking - Why bring my banking to a Community Bank branch?
A. To establish certainty of banking in your community. By banking with your Community Bank branch, you are directly supporting your community. Banks make profits from the differences in interest rates between deposits and loans, called a 'margin'. Whenever you save or borrow, the bank earns a margin, which of course usually goes straight to head office. However, with a Community Bank branch, your community directly shares this margin income. Any profit the Community Bank branch makes after deducting operating expenses can then be ploughed straight back into supporting local businesses and community needs.
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- Community Banking - Who controls the local side of the operation?
A. The local company. Bendigo Bank performs all of the 'back room' banking functions. The local company employs and pays branch staff. Although Community Bank staff are not employees of Bendigo Bank, they do receive extensive training and support from Bendigo Bank.
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- Community Banking - Does a Community Bank branch offer full banking services?
A. Community Bank branch offers all services that you would expect from a bank:
* Personal savings and investments
* Business banking
* Commercial finance, leasing, financial planning
* Superannuation, Internet and phone banking.
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- Community Banking - Do you offer business banking?
A. Bendigo Bank offers a complete and flexible range of business banking products and services.
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- Community Banking - Will an ATM be installed?
A. At this stage we are planning to have an ATM installed at the branch.
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