East Gosford banks $100 million

Commenting on the achievement, Senior Manager Michael Bell said, “We now have 100 million reasons to know that the combination of local ownership and great service is a winning one.

“Who would have dreamed when we opened the doors back in August 2000 that we would ever reach $100 million, let alone do it in less than 9 years. Ours was the 23rd Community Bank® branch to open in Australia and at that stage the concept was untried and unproven.

“The success we have achieved in such a short time speaks volumes for the loyalty of local people who have thrown their support behind us to secure banking in East Gosford once and forever.

“It is also a testament to the hard work and vision of our original and current directors, and I would like to thank them on behalf of the community for their contribution.

“Our Branch Manager Julie Carrington and her team have played a large part in the success because of the superb service they provide. We thank and congratulate them, too.”

Mr Bell said the strength of the community’s support had enabled the bank to generate substantial profits which they are now ploughing back into the community. Already, the East Gosford branch’s 330 shareholders have received seven dividend payments totaling $263,720 and more than $180,000 has been distributed in special project, grants, and sponsorships to the community.

“The Community Bank® model has been a real boon to our area and is enabling us to set our sights even higher for what we want to achieve as a community,” said Mr Bell. “It is a great achievement for a community which other banks had decided wasn’t worth banking.”

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