Derrinallum seeks interest in community banking venture

The Derrinallum Progress Association is pursuing the idea of establishing a community bank in town following the ANZ Bank’s decision to shut down its Derrinallum branch by November.

The Derrinallum Progress Association is pursuing the idea of establishing a community bank in town following the ANZ Bank’s decision to shut down its Derrinallum branch by November.

A MOVE to set up a community bank in Derrinallum is being pursued with the town’s progress association to meet with the Bendigo Bank on Wednesday.

Derrinallum Progress Association president Geoff Henderson said its representatives would take part in an information night at the Bendigo Bank’s Camperdown Community Bank to find out how the community bank model worked.

Mr Henderson said his association wanted to know what sort of commitment the Derrinallum community would have to make to get a community bank.

The association is pursuing the idea of establishing a community bank in Derrinallum following the ANZ Bank’s decision to shut down its Derrinallum branch by November.

The ANZ branch is the only bank in Derrinallum. Mr Henderson said ANZ’s decision had upset the town’s residents, many of whom were ageing.

He said a public meeting in Derrinallum earlier this month to discuss the ANZ branch’s impending closure had attracted a lot of interest, with 100 people turning out.

“A lot of people do not want to travel to banks,” Mr Henderson said. “They want to know who they are talking to and they want to get the best information from staff.” 

He said the association was likely to hold another public meeting in Derrinallum on July 20 to discuss the outcome of its discussions with the Bendigo Bank.

Mr Henderson said the association wanted to know how much income a community bank in Derrinallum would need to attract for the venture “to break even”. 

“We want to know what we have to meet to make it viable,” he said.

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