Community bank hits $1 million

Do not adjust your screen. The Maldon & District Community Bank® Branch will reach a big milestone on Monday, 7 June when it officially hands out its one-millionth dollar in grants. That’s right, the bank is giving money away. Now, haven’t they heard of the GFC? Gordon Gecko?

Since opening in April 1999, the Community Bank® Branch has steadily donated to community organisations and projects in the Maldon, Newstead and Dunolly area. (And CI has one very important question: why does everyone do this: ® ? No one’s going to pinch the name, are they? I mean, if you’re an auto mechanic in La Paz, Bolivia, you’re hardly likely to call yourself  The Maldon & District Community Bank® Branch, are you? )

This year the bank will grant a total of $173,440 to 24 different projects, taking the total for the bank’s 11 year life-time to more than $1 million.

The milestone will be celebrated at the Maldon Community Centre at 11am on Monday. Representatives of past and current recipient organisations, bank board directors, branch staff and invited guests will be there.

The milestone strengthens the importance of the Maldon & District Community Bank® Branch as a primary source of funding for local community initiatives.

Community Bank® Chair, Ronald Snep, said the branch is dedicated to the continued growth of the community.

“Achieving $1 million in returned profit to the community is a fabulous achievement and just goes to show that this innovative banking model, which our community had the courage to take up, is sustainable,” Mr Snep said.

“Not only have our shareholders established a bank branch, they are also part of a company that continues to put money back into the community.”

Recipients of this year’s grants include:

Maldon Neighbourhood Centre
Newstead Community Library
Dunolly District Uniting Church
Castlemaine and Maldon Railway Preservation Society
Maldon Community Permaculture Garden
Reading as Part of Life
Blokes Night Out
Picnic Facilities for Muckleford Railway Station

“We hope that this success is an indication of things to come and we will continue to be an important part of the community.”

There are currently more than 255 Community Bank® branches across Australia that have returned more than $40 million to support local communities.