1. A locally-based company, formed to represent the local community, acquires a franchise from Bendigo Bank to run a banking branch.
The community company also secures the premises and purchases branch fittings and systems. Working capital is the responsibility of the local company.
2. Each branch is designed to suit local requirements, with Bendigo Bank overseeing the fit-out and branding of the branch.
Every Community Bank® branch carries Bendigo Bank signage and the 'Bendigo look' to ensure consistency across the country.
3. Bendigo Bank provides the coverage of its banking licence, a full range of banking products and other financial services, staff training and ongoing support.
4. Hours of operation are determined by Bendigo Bank following consultation with the local company.
The local board's role is to run the company, while Bendigo Bank provides the banking expertise and banking licence.
One of the most important functions carried out by local board members is networking in the local community to promote the benefits of the Community Bank® branch.
5. Community Bank® customers hold product and services issued by Bendigo Bank.
Bendigo Bank meets Australian Prudential Regulation Authoritiy standards.
Bendigo Bank also makes all credit decisions and protects individual client privacy.
6. Customers' banking details are held in the strictest confidence between the customer and the Bank branch staff. Directors of the local community company have no access to individual customer records.
7. Bendigo Bank and the community company share the revenue of the local branch. The local company is responsible for paying branch running costs.
8. >Bendigo Bank supports the bank brand, product development, systems, the acquisition of additional services and provides Community Bank® branches with operational requirements such as marketing support, training and stationery.
9. When the local company begins to make a regular operating surplus, and after the payment of branch running costs and Bendigo Bank's entitlement to revenue, the remaining revenue is available to be reinvested back into the community via dividends to shareholders and support for community projects.
10. As with any commercial venture, there are risks involved. Your community and supporters will be encouraged to source independent legal and financial advice.
For more information, please see...
"Building better communities - Bendigo's Community Bank® story"