Inverloch Community Bank celebrates 20 years and $850,000 in community grants

GATHERING at the Anderson Inlet Angling Club the Inverloch and District Community Bank has marked 20 years of community banking by returning $850,000 to the community through grants and community initiatives.

Since officially opening its doors on March 27, 2006, the Inverloch Community Bank has supported almost 150 community groups, helping fund projects, improve facilities and strengthen organisations across Inverloch and the surrounding district.

Inverloch Community Bank director Louise Litchfield said the bank had distributed $850,000 to the community over its 20-year history.

“Surf clubs probably got the bulk of our money at the start. I think it was $100,000 start-up and then probably around $250,000 altogether, but as the years have gone on, we've become more philanthropic.”

According to Ms Litchfield the shift in funding priorities reflected the changing needs of the community, with the bank increasingly supporting initiatives addressing social challenges alongside its longstanding backing of sporting clubs, schools and community infrastructure.

Ms Litchfield explained that when customers banked locally, a percentage of the interest generated through their banking contributed towards community investment, rather than all the profits going towards administration and corporate structures.

 “We'd like our fellow community members to actually support the bank a little bit more,” said Ms Litchfield.

“We are a real bank, we have mortgages, we give you insurance, all those things. The only difference between us and a corporate bank is in our constitution,” she said.

“We give back to the community.”

Foundation chair Terry Hall told the gathering the bank's establishment had been driven by the simple idea that Inverloch could have a bank providing local financial services while returning a share of its success to the community.

Mr Hall said his and his wife Lois's experience operating a Bendigo Bank online agency in Inverloch between June 2003 and March 2006 had helped inspire the move towards establishing a fully-fledged community bank.

“We began discussing the concept with local residents, businesses and community organisations, building support for a locally backed banking service,” said Mr Hall.

“A steering committee of 22 people was formed, including 11 members of the Inverloch Lions Club, to help bring the proposal to life. The fundraising campaign began on June 18, 2005, with the official prospectus launched at the Warrawee Senior Citizens Club.”

Ultimately 750,000 one-dollar shares were sold to 220 local residents raising the necessary capital needed to establish the branch.

Mr Hall acknowledged the contributions of the original committee, Bendigo Bank staff, local businesses and residents, particularly committee secretary and publicity officer Janette McNair, who went on to become a company director.

Mr Hall also recognised Allan Gostelow, who joined the committee in October 2005 and became company secretary before later serving as chairman until June 2019.

“The bank's success has always been a collective achievement,” Mr Hall said.

“An idea means very little unless people are prepared to work together to bring it to life.”

“If the community supported the bank, the bank would support the community.”

Mr Hall said he hoped the bank would continue making a difference for many years, with future generations able to look back on its contribution with the same pride.

“Twenty years ago, we had an idea, tonight we celebrate what that idea became. May the Inverloch Community Bank continue for many years to succeed in business, invest in our community, and help make Inverloch an even better place in which to live.”

Current Chair Mark McCormack said the bank had grown into an important and enduring part of Inverloch and its surrounding districts.

“Nearly 150 different community groups have benefited from locals choosing to bank locally, with the bank expecting to exceed $800,000 in community contributions during its anniversary year,” he said.

The money represented much more than a financial figure, it provides opportunities, improves facilities, strengthens organisations by bringing local projects to life according to Mr McCormack.

Mr McCormack thanked past and present board members, branch managers, staff and shareholders, acknowledging their contribution to the bank's development.

A total of $36,968 was distributed in the current round of grants which included the Korumburra Women’s Shed and Gallery $5,000, Venus Bay CERT $3,168, 1st Inverloch Scout Group $7,500, Leongatha Golf Club $1,500, Inverloch Men’s Shed $2,500, ITA 2027 Equinox Festival $6,000, BCH Inverloch Art Show $2,500, South Gippsland Yacht Club $1,500, Inverloch and Kongwak Primary School $2,100, Inverloch Uniting Church $200, South Gippsland Conservation Society $2,500, Bass Coast Pickle Ball Club $2,000, Tarwin Lower Festival $2,500 and Rotary Walk Against Violence $500.