The Community Bank Caulfield Park story
The community bank model is based on a franchise system but with a difference.
Over 20 years ago, a hard-working and committed group of local citizens took matters into their own hands. Not content to accept the status quo as bank branches closed throughout Caulfield, a commitment to the vision of a locally owned community bank was realised in 2004. And it is truly Caulfield Park’s bank: born through the hard work of local people and financed by local shareholders, who invested belief and money in their community’s future, leading to a sense of pride and ownership.
The community bank model is based on a franchise system but with a difference. It is a “for profit” company with a social purpose. Revenue generated by the branches is shared between Bendigo Bank and the Community Bank. This allows the community bank to channel its share of the profits into community causes suited to its community needs. In addition to being a local asset, the community banking model had other significant benefits. Some community groups were struggling financially and the idea that a local bank could help them with grants and/or sponsorship was very appealing.
To get the initiative off the ground a steering committee was formed. The original steering committee members were: Sandy Anderson, Greg Blashki, Joyfred Bonney, Mervyn Cass, Jenny Goldberg, Bruce Joske, Joseph Kalb, Grahame Leonard, Sol Leski, Ruth Parasol, Cr Sam Parasol, Frank Penhalluriack, Walter Rappaport, Rysia Rozen, Joe Schneider and Lewis Woolf. Sam Parasol was chair of the committee.
Having secured premises at 193 Balaclava Road, Caulfield North, the branch officially opened its doors on Tuesday, June 22, 2004. The bank remains at this same location to this day.
The branch’s opening day was a big celebration for the entire community and business officially started at 10am. Two years later the bank reached break-even point, but grants were able to be made before then. The 2005 annual report described the branch as having moved beyond its establishment phase. Customer numbers rose from the initial 67 to 562, while the number of accounts increased almost six-fold from 141 to 844.
Growth was achieved by improving the branch’s understanding of its customers’ needs. The bank’s key point of difference is its provision of a very tailored and responsive customer service due to its connection to the community. Together the board and the bank staff ensure the bank remains focused on the business of banking and serving the community so profits can be made and distributed to local community organisations.
Community Bank Caulfield Park gives back to the community through grants, sponsorships and partnerships to support various projects and organisations. Every year applications are invited for community disbursements. The Grant and Community Engagement Committee assesses each application on its own merit. The project, program or event needs to demonstrate it will have a positive impact on Caulfield and surrounding communities. The organisation must be open to building a relationship with the branch and show a commitment to promote the branch.
The branch looks for projects involved in arts, culture and heritage, community facilities and infrastructure, education and research, emergency services and support, environmental and animal welfare, as well as sport and recreation. Recommendations for funding are submitted to the board after a rigorous assessment.
Some of the community organisations that have benefited from grants and sponsorships include: Chevra Hatzolah Melbourne, Impact for Women, All Things Equal, Knit One Give One, Maccabi Victoria, Pet Medical Crisis, AJAX Football Club, Melbourne Jewish Charity Fund, and many more.
The branch is over-delivering on the promise made at its inception; to make a difference to the community. As well as providing banking facilities and friendly customer service, it provides funding to organisations that have a direct impact on those living in Caulfield and surrounding areas.
To date, Community Bank Caulfield Park has returned more than $3.8 million to strengthen and underpin the local community.
To celebrate 20 years of giving, Community Bank Caulfield Park is hosting a 20 Year Anniversary Celebration Park Event on Sunday, November 10 at the Caulfield Park Sports Club, 10am to 3pm. It is a family friendly event with free entry to all.
Community Bank Caulfield Park look forward to celebrating with all their supporters.
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