17 Dec Local organisation purchases Bendigo Bank Kin Kora
The Board of Directors of Calliope and District Enterprises Ltd, operators of the Calliope and District Community Bank are delighted to announce the purchase of the Kin Kora branch of Bendigo Bank.
As a result, on 1 December 2020 the name of the branch will change to Community Bank Kin Kora, but there will be no change in banking services and the branch will remain a Bendigo Bank branch run as a franchise by Calliope and District Enterprises Ltd.
Calliope and District Enterprises Ltd is a company created by dedicated volunteers who sold shares locally in order to purchase the franchise which, in 2008, opened as the Calliope and District Community Bank branch of Bendigo Bank. The Enterprise is run by volunteer directors who oversee the corporate obligations of the company.
Calliope and District Enterprises Ltd Chair, Jo Hill said: “Bendigo Bank’s Community Bank concept was initiated in the late 1990s in response to the withdrawal of banking services to many small communities in favour of efficiency and economic rationalisation”.
“By creating community owned and run banks, the critical economic and financial services required to keep small communities healthy and growing can be maintained”.
“Today there are more than 300 Bendigo Community Bank branches across Australia, ensuring that a portion of profit goes to local shareholders and for community re-investment”.
Bendigo Bank is paid for services provided and franchise fees and profits from both Calliope and District Community Bank and Community Bank Kin Kora will be distributed two ways
- to the shareholders as dividends
- to the community as grants, donations, sponsorships, and scholarships