Pyrmont community bank reaches capital target
After a campaign lasting almost two years, Pyrmont Community Bank Chairman Bruce Napthali said the minimum capital objective of $900,000 had been reached, with investment funds still flowing in.
According to Mr Napthali, the bank’s board had decided to allow additional investments to be received, up to the maximum allowable under the terms of the prospectus. He added that shares would be allotted within the next fortnight and actual share certificates will be mailed out to shareholders within the month.
The Pyrmont Community Bank branch will be located at 148 Harris Street, in the old post office building at the head of Union Square. Tenders will be called for the branch fit-out, and recruitment for management and staff will commence immediately.
