Buninyong & District Financial Services Limited
Buninyong Community Bank® Project
The genesis of our Community Bank® Project can be traced to a movement of members of the Buninyong Ward Progress Association Inc. who felt that the town would benefit from the return of banking services to the Community.
A Steering Committee was formed in January 2008 to formulate general strategy, and in April 2008 that Committee met with Bendigo Bank staff for a briefing on the Community Bank® business model. The Steering Committee was convinced of the social and economic dividends which would potentially flow from the establishment of a Buninyong & District Community Bank® and in July of 2008 held a public meeting at Buninyong Town Hall to outline the concept to the broader community.
A period of information dissemination followed, during which the community was encouraged to pledge its future investment support of the Community Bank. By January 2009 it was clear, from the receipt of $675,000 in community investment pledges, that the community would support the plan. Accordingly, a formal and independent feasibility study was launched. The study conducted by accounting firm Richmond Sinnott & Delahunty indicated that ”..... the proposed Buninyong & District Community Bank would be financially viable if the community transfer their business to the extent indicated in the survey. ..... responses indicate the community wants a bank and would support it.”
Because of this finding, the Steering Committee formed the company (Buninyong & District Financial Services Limited) to secure the franchise from Bendigo Bank and launch its investment prospectus.
