Community Bank® prepares to issue prospectus
Friday 29 January 2010
The Jerrabomberra community looks set to celebrate the opening of its Bendigo Bank branch in the second half of this year.
The Jerrabomberra Community Bank® Project Committee, in conjunction with the board of the Calwell and Wanniassa Community Banks®, has voted to go ahead with a public share offer to raise capital for the venture.
Convenor of the Jerrabomberra Community Bank® Project, Mr Brian Brown, said with more than 90 local people confirming nearly $300,000 in pledges of support, the committee had the confidence to take the next step with Bendigo Bank.
"The committee will now work behind closed doors in the coming weeks to prepare a Share prospectus."
"It will take some weeks to complete this phase of the campaign but it is an important process and one in which we, as a committee, need to be confident in before we forge ahead with floating the share prospectus which will allow Jerrabomberra residents (and anybody else who wants to invest) to own their own bank.
"All going to plan, we hope to launch our public share offer in April/May, for a limited period of time" he said.
The committee and Bendigo Bank will begin the process of preparing for the prospectus launch, being the search for suitable branch premises and consider recruitment of staff.
Jerrabomberra residents who pledged their support for the Jerrabomberra Community Bank® Branch are being urged not to miss out and to follow through by becoming a shareholder and ultimately, a customer of the Jerrabomberra Branch of Bendigo Bank.
"The sooner local people show their support by purchasing shares or transferring their bank business to the Jerrabomberra Branch, the sooner our bank will become profitable and can reinvest back into the community," Mr Brown said.
There are currently over 250 Community Bank® branches across Australia that have returned more than $36 million to support local communities.
The pledge process to indicate your support and ensure you receive a prospectus will remain open until March 2010. Pledge forms are available by calling Brian Brown on 0414 721 291 or your can download a form from this website.
