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19 July 2001

Shareholders for community bank

Local residents have shown such an interest in becoming shareholders in the proposed branch of the Bendigo Community Bank at Lightning Ridge, that it is time to determine exactly how many people would like to participate.

A number of pledges have already been received, covering several thousand dollars. Our research has found that in many smaller towns similar to ours, the number of requests to become a shareholder in their branch of the popular Bendigo Community Bank have far outstripped requirements for establishing a local branch.

The maximum pledge permitted per shareholder is $5000, while the required minimum amount is only $500. This way there is a large spread of ownership and no individual or company has an exclusive say in regards to the management of the branch, or the distribution of profits. It is also part of the charter of the bank that a portion of the profits be distributed among local charities.

Ideally, the number of shareholders should be between 400 and 800, with pledges ranging from $500 to $1000 each.

This is an exciting project for Lightning Ridge, designed to protect our community from being left without banking services, as has happened in almost all surrounding towns.

The initiator of this project, Mr Noel Lewis, would like to ask prospective shareholders to send a short letter of confirmation of interest to the following postal address.
The Working Committee,
Proposed Community Bank
Locked Post Bag No 1
Lightning Ridge NSW 2834

Please do not send any money. A simple note saying something like: "I am interested in becoming a shareholder and would like to pledge the amount of $..."

Your name and address will be kept confidential. The pledge is not a binding agreement and does not commit you to participate.

It is simply a way of determining the amount of interest being shown in a locally owned branch of this Community Bank.

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