By CAM LUCADOU-WELLS
A TWO-year push for a community bank in Narre Warren North has been shelved.
Trevor Ratcliffe, pledge co-ordinator for the Narre Warren North & District community bank project, said it was “disappointing news” for the steering committee volunteers and 577 people who pledged their support for the Bendigo Bank branch.
He said the business – which would have been the suburb’s only bank – could have been a potent benefactor for community groups, sports clubs and projects.
It would have invested 80 per cent of its profits into the community, he said.
The project had recently exceeded its $850,000 shareholder pledge target, but could only raise half of its $10 million target for banking business.
Mr Ratcliffe said that failure raised doubts about the bank’s viability, and didn’t justify the $12,000 commitment to an upcoming feasibility study.
“$10 million would have been just the start. The bank needed to grow a lot more to be viable.”
He said the project could be revived under a less trying economy.
“Though people in business are dissatisfied with the ‘Big Four’ banks, they are having enough to do in maintaining their business.
“The last thing they want is another task – to unravel their banking arrangements and transfer to another bank.”
Despite the setback, Mr Ratcliffe said the project showed any future “capital raising” for a community bank was “likely to be received positively”.
“The lack of community bank doesn’t detract from its potential – as a significant contributor to community well-being and development.”
