The past fortnight has seen a dramatic improvement in the prospects for the establishment of a community bank in Canowindra. 169 people have now pledged a total of more than $420,000, well over half way towards the $750,000 target set by Bendigo Bank. Each dollar pledged will become a tradeable share in the company which will be registered and commence banking operations once a thorough feasibility study and business plan have been completed.
The Community Bank in Boorowa which was established in the same way 15 years ago, is now returning over $100,000 per year from profits into local projects nominated by Boorowa residents via the local bank board of directors. Other significant amounts are directed to sponsorships and regional promotions. The Boorowa bank which is open 5 1/2 days per week, employs 3 local staff full-time and has several part-timers as well. Once the Canowindra Community Bank has been established and operating for a few years, shareholders can expect to receive a reasonable dividend on their investment. Boorowa shareholders received a healthy 15% yield last year. But the biggest winner will be the Canowindra district community which will be justly proud of having its own bank.
Boorowa Pharmacist Sue Corcoran, who was a member of the Boorowa Community Bank’s steering committee 15 years ago will be addressing an informal meeting at Finn’s Store in Gaskill Street, Canowindra on Thursday 26th July to tell the great success story about the Boorowa Community Bank. Anyone interested to hear Sue Corcoran and to ask questions, whether they have currently pledged financial support or not, will be most welcome to come for a glass of wine and nibbles at 7 for 7.30 pm. Our community needs this bank…and the bank needs your support! Come and join us on Thursday 26th July to show your support and learn more about the project.