Pyrmont Community Bank shares up for sale later this month

Shares in the Pyrmont Community Bank Branch will go on sale at a public meeting at the Australian National Maritime Museum this month.

Bank Chairman Bruce Napthali said volunteer directors had been working with officials of Bendigo Bank for more than a year to secure a franchise to set up a community-owned branch in Pyrmont.

‘The local community strongly supported this project during our awareness campaign,’ said Mr Napthali.

‘Now people will be able to purchase shares in their own bank branch.

‘The branch will add value to the community,’ said Mr Napthali.

‘Our branch staff will be also be locals, living and working among ‘ and listening to ‘ their customers, meaning they can respond to their needs rather than dictate terms to them.

‘In just over ten years Australia’s Community Bank branch network has returned over $21.7 million to local community projects and over $21 million in dividends to 61,000 local shareholders. ‘

The network already has 225 branches across Australia.

A survey of readers of the Australian Financial Review Smart Investor magazine recently voted Bendigo Bank Australia’s favourite financial service provider with the best overall service.

The public meeting will be held in the Terrace Room at the Australian National Maritime Museum at 7 pm.

‘People interested in taking up shares are welcome to attend and should bring their questions and their cheque books’, said Mr Napthali. ‘There are a limited number of shares and we don’t want anyone to miss out.’

A prospectus for the Pyrmont branch will be available at the meeting.