Residents call for community bank

By Sarah Schwager
COASTAL Villages residents are launching a campaign for a community bank in Tooradin.
The bid aims to keep locals’ money within the area.
Graham Elso, president of the Tooradin and Coastal Villages Community Bank steering committee and a Blind Bight resident, said the group would gauge support from the local community for the Bendigo Community Bank branch.
“The whole place would benefit from a community bank, “ Mr Elso said.
“Half of the bank’s profits go back into the community.”
Profits would go towards local projects such as advanced driving programs for young people, walking tracks, local schools, community buses, or any other worthwhile program.
This Sunday, 1 April at the Coastal Villages Festival, the committee will launch the proposal for the bank, which would be located at the Tooradin shopping strip.
Casey mayor Colin Butler has also got behind the plea for a community bank in Tooradin.
“Residents of the Coastal Villages region have never had a local bank, and with the growth and development of the area and its businesses, it’s time for the local community to have access to a bank at their doorstep,” Cr Butler said
The mayor has joined the newly formed steering committee together with residents, local business people and representatives from the Bendigo Bank.
The committee has set a target of $650,000 in pledges, with people pledging shares between $500 and $10,000, before Bendigo Bank would consider building a branch.
“Luckily the site is already there,” Mr Elso said.
Cr Butler said the advantage of the Bendigo Community Bank model was that the profits would be directed into the community on a range of local projects, as well as through dividends for the shareholders.
“The types of projects that could result from the profit returns could include community-based safety education programs and potentially larger-scale infrastructure projects for the region,” he said.
Mr Elso said the committee was looking for pledges from locals to get the bank off the ground although he stressed the pledge was not legally binding as no money would be involved at this early stage.
Residents of Tooradin, Blind Bight, Warneet, Cannons Creek, Pearcedale, Lang Lang are asked to show their support.
“As part of the pledge campaign we hope at least 300 residents and business people will pledge,” Cr Butler said.
For more information on the Tooradin and Coastal Villages Community Bank campaign, call Graham Elso on 5998 7197.
The committee will also be available at the Coastal Villages Festival at the Warneet Recreation Reserve on Sunday and at the Tooradin Market on 15 April, the last market day for the season.