New bank a step closer

The Pyrmont Community Bank Project is moving towards the opening of a local branch which would be of benefit to the local community.
$741,700 has already been pledged by more than 250 residents, business owners and other investors keen to see their own community bank branch become a reality.
Chairman of the Pyrmont Community Bank Steering Committee Bruce Napthali said: ‘The response from the community has been fantastic with almost 450 completed survey forms sent to our independent consultants in Bendigo.’
Two days of feasibility interviews recently took place in Pyrmont. Mr Napthali said the interviews showed a ‘high level’ of support from locals.
Following Bendigo Bank’s final approval of the business plan and feasibility survey, they will offer the steering committee a franchise agreement. The steering committee will then arrange for incorporation and issue of a public prospectus by November 2008.
The steering committee is already planning for the bank’s eventual location. Mr Napthali said the Pyrmont Community Bank branch would provide financial services and income for local projects.
‘There are 219 Bendigo community bank branches in Australia and these have returned more than $18 million to local community groups and projects,’ he said.
A chartered accountant by profession, . Mr is now semi-retired after having sold his accounting practice in 2007.
Before moving to Pyrmont in 2000, he lived in Blaxland for 18 years. During that time he was a member of Penrith Rotary Club, having held numerous board positions including president and was even awarded a ‘Paul Harris Fellowship’ for his community services.