Bendigo Bank’s unique community bank model is celebrating its 25th year of community-owned and operated banking in Australia.
Established in 1998 with branches in Rupanyup and Minyip, the secret to the bank’s success can be attributed to its profit-for-a-purpose model, which sees a majority of the profits generated by each independently owned and operated community bank directed back to the community.
In a statement, Bendigo Bank said the community model is on track to collectively return a total of $300 million in profits in its anniversary year. And thanks to funding from co-investors such as local, state, and federal governments, capital raised undergoes a multiplier effect, enabling projects totalling over an estimated $1 billion.
Marnie Baker (pictured above left), Bendigo Bank CEO and managing director, said the strength of the shared value model proved that Australians will support a genuine banking alternative if provided with quality products and excellent, award-winning service backed by a trusted financial institution.
“Bendigo Bank’s vision is to be Australia’s bank of choice and our purpose is to feed into the prosperity of our customers and their communities,” Baker said. “The community bank model is aligned with both our vision and our purpose, and we are immensely proud of its success.”
“I want to thank our community bank customers for their support, our team members for delivering quality service, local shareholders for backing their communities and all the passionate locally based directors for their hard work and dedication.”
She also acknowledged the board of Rupanyup/Minyip and the local community for their hard work and the important role they played in piloting the unique model.
Sarah Franklyn (pictured above right), Community Bank national council chair, said the milestone was a ringing endorsement of the profit-with-purpose, social enterprise model.
The internationally acclaimed model has expanded from a concept designed to empower communities at risk of losing face-to-face banking services, to a network of more than 300 branches across Australia “that support economic growth and their grants and sponsorships underpin and strengthen the social fabric,” Franklyn said.
“As the custodians of one of Australia’s most successful social enterprise movements, we are pleased to celebrate the amazing outcomes achieved in the last 25 years and look forward to working together to evolve and adapt this unique model for the next generation,” she said.
Bendigo Bank and its community partners will mark its 25th year with celebrations at community banks around Australia.
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