Now you can own a piece of your local bank

Shares in the Pyrmont Community Bank Branch are now on offer to the community following its prospectus launch last Thursday night.

More than 130 people attended the launch at the Australian Maritime Museum, with Pyrmont Community Bank Chairman, Bruce Napthali, overwhelmed by public support.

‘We had a strong show of support from the entire community, including our colleagues from Bendigo Bank, with many directors and staff from neighbouring branches attending the launch,’ he said. In less than a week more than $175,000 had been raised, with the focus now on reaching the $900,000 share minimum.

While community-owned, the bank would be operated by Bendigo Bank which has 225 branches across Australia. Its services, rates and charges would be comparable to other banks and it also offers internet banking. There are plans to open a Bendigo branch in the CBD.

Profits from the bank will go to shareholders and fund community projects. Over $22 million has already gone to such projects nationally.

‘Our aim is to have more than 250 locally based shareholders having ownership in our company to ensure this is a truly community-spirited venture,’ said Mr Napthali.

‘If our pledge campaign is anything to go by, I expect demand for our $1 shares to be strong, and the offer is limited.

‘The Pyrmont Community Bank Branch will ensure that our community has access to branch banking both now and into the future.

‘And of course, the fact that our community gets to share in the profits of the branch is an added bonus.’

Mr Napthali said the sooner the share capital is raised, the sooner work can begin on the branch, staff can be recruited and the doors of the branch opened.

Copies of the prospectus are available by calling Charles Perry 0418654662.