Rather than establishing their own branch of Bendigo Bank, the Steering Committee for the initiative is now working towards the quicker option of opening a sub-branch of the Oak Flats Community Bank Bendigo Bank.
Oak Flats is one of Bendigo Bank’s most successful community banks, with over eighteen years of delivering service and support to their customers and local communities.
“Having previously opened a sub-branch at Shellharbour, we are confident that by leveraging their knowledge and assistance, we can bring forward the establishment of our Branch,” says a statement by the Steering Committee.
The March Council Meeting agreed to the sub-branch letting space in Gerringong Town Hall.
Being a sub-branch will require less capital up-front, and the 80 per cent of the profit made by the sub-branch will be returned to the Gerringong community.