Mayor supports community bank

By Jim Mynard
CASEY mayor Colin Butler has called for the Tooradin and Coastal Villages community to support bringing a community bank to Tooradin.
The official launch of pledging to be on Sunday, 1 April.
Cr Butler said the Coastal Villages region had never had a bank.
“With the growth and development of the area and its business, it is time for people in this community to have access to a bank at their doorstep, rather than having to travel outside the region,” he said.
“I have joined the newly formed Tooradin and Coastal Villages Community Bank Steering Committee together with residents, local business people and representatives from the Bendigo Bank.
“This is to gauge the level of support within the community for a branch of Bendigo Bank in Tooradin,” he said.
However, the Bendigo Bank has become subject to a takeover bid by the Bank of Queensland and its shares rose by $4 in one day.
Nevertheless, Cr Butler said the committee had set a target of $650,000 in pledges.
“This involves people pledging shares of between $500 and $10,000 at about $1 each to make the Tooradin and Coastal Villages Community Bank branch a reality. These shares are for the community bank structure and are on the Bendigo Stock Exchange,” he said.
They are different from Bendigo Bank shares on the Australian Stock Exchange, which closed on Monday at $17.12.
Cr Butler said he discussed the unexpected takeover bid with Bendigo Bank representatives and was assured that in the event of a takeover the bank would continue with the service it now offered.
He said the advantage of the Bendigo Community Bank model was that profits would be directed into the community on a range of local projects, as well as through dividends for the shareholders.
“The types of projects that could result from the profit returns would include communitybased safety education programs and potentially largerscale infrastructure projects for the region.
“The steering committee is calling for residents of Tooradin, Blind Bight, Warneet, Cannons Creek and surrounds to show their support.
“As part of the pledge campaign we hope at least 300 residents and business people will pledge, although it will be nonbinding because no money will be involved at this early stage,” Cr Butler said.
He said no decision would be made for at least six months. Cr Butler said he favoured the idea of a Tooradinbased bank becoming part of the Lang Lang group because of its strength.
The Lang Lang community bank operates as Community Financial Services Victoria (CFSV) that takes in other Bendigo Banks at Lang Lang, Pearcedale, Kooweerup and Narre Warren South.
Community representatives make up the board of management.
Informal discussion has centred on Tooradin becoming part of this.
The community bank in this district started almost 10 years ago and has become well established and popular in the community.
Further information on the proposed Tooradin bank is available from Graham Elso on 5998 7197.