Following the closure of the last financial institution in Dingley Village in December 2000‚ the Chamber of Commerce sought support from the community for a Community Bank®.
Coincidentally‚ at the same time the support was being raised‚ another financial institution announced its closure. Faced with no banks in the Dingley Village Community the community support was strong and a steering committee was formed. Pledges were raised and a feasibility study conducted.
In September 2001 the Dingley Village Community Bank Branch of the Bendigo Bank was formed and a prospectus was issued to raise the required capital in November 2001.
Notwithstanding the Christmas/New Year period‚ $630‚000 in capital was raised from the share offer‚ premises secured and fitted out and staff recruited. The first shareholder meeting was a very successful social night with more than 350 people in attendance‚ followed by our bank branch opening the next day. The strong support from this community got the bank branch off to a good start.
The bank's doors were formally opened on 22nd April 2002 with no business, no loans, and no deposits, but a community full of support. The branch set a new metropolitan record by opening 247 accounts and having banking business of $887‚946 in the first week of business.
They now hold over $200 million worth of banking business and employ ten staff. They have contributed over $2.3 million of profits back to the community. Through grants and sponsorship they have supported football, netball, cricket, baseball, scouting, aged care, service clubs, schools, the neighbourhood centre and numerous other community groups to continue to offer their services, particularly when the Global Financial Crisis hit and donations from alternative sources become scarce.
For more information about the Dingley Village Community Bank, contact them at:
11/79 Centre Dandenong Road, Dingley Village
www.bendigobank.com.au Call (03) 9551 6111
