Bendigo to open first community bank in NT
(19 April 2006 – Australia) Bendigo Bank will open its first community-owned branch in Northern Territory in the next few months in Coolalinga, which is about 25 minutes south of Darwin.
The bank launched its prospectus today, offering between 600,000 and 800,000 A$1 shares to locals throughout Litchfield Shire.
Bendigo has appointed regional and state managers in Northern Territory and the Collinga branch pushes the bank’s community-owned branch network to 175. This model constitutes about 55 percent of the Bendigo Bank Group’s total banking network.
Northern Territory regional manager Mike Clutterham said opening a branch in Coolalinga would "bring to the Territory the ability for Bendigo Bank to engage the community and assist with the development of infrastructure in the Coolalinga area".
He said Alice Springs, Katherine and Nightcliff were also going through campaigns to open similar branches.
"Customers of Community Bank branches throughout Australia are assured that profits generated by their bank branch will be spent locally. In many cases those community contributions has been the catalyst for further growth in a town, attracting private and government investment," Clutterham said.
Bendigo has appointed regional and state managers in Northern Territory and the Collinga branch pushes the bank’s community-owned branch network to 175. This model constitutes about 55 percent of the Bendigo Bank Group’s total banking network.
Northern Territory regional manager Mike Clutterham said opening a branch in Coolalinga would "bring to the Territory the ability for Bendigo Bank to engage the community and assist with the development of infrastructure in the Coolalinga area".
He said Alice Springs, Katherine and Nightcliff were also going through campaigns to open similar branches.
"Customers of Community Bank branches throughout Australia are assured that profits generated by their bank branch will be spent locally. In many cases those community contributions has been the catalyst for further growth in a town, attracting private and government investment," Clutterham said.
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