The Jerrabomberra Community BankŪ Prospectus is expected to be available in September.
Once the Prospectus is launched, residents of the Queanbeyan, Jerrabomberra and Canberra regions will be able to show their support for the bank by purchasing shares. The bank will not be able to open without the support of these shareholders, as the sale of shares raises the capital needed to establish and operate the bank.
Once up and running, the bank will provide a source of revenue for important community projects, along with other Community BanksŪ in the Canberra Regions, which handed out around $120 000 in grants last financial year.
There are currently over 260 Community BankŪ branches across Australia that have returned more than $40 million to support local communities.