Around 230 local people are now shareholders in this exciting community venture.

Chairman Wayne Matthews said achieving this portion of the maximum share capital was a great achievement for the community.

“To raise $800,000 is no mean feat,” Mr Matthews said.

“The people of Pambula and surrounds have faith in the Community Bank model, their community and Bendigo Bank and we look forward to now working towards the opening of our bank branch.”

One of the key elements to Bendigo’s Community Bank model is having a wide shareholder base, made up of local people who will transfer their banking to the branch.

With 230 shareholders, and the share offer still open, directors of the local company hope to reach 250 shareholders by the close of the prospectus.

“The message now is if you haven’t done so already, purchase your shares in your Community Bank Company and prepare to transfer your banking business to our local Community Bank branch,” Mr Matthews said.

“This is an exciting time for our community and we look forward to launching the Pambula and District Community Bank Branch in coming months,” Mr Matthews said.

Branch staff is currently being hired and construction on the branch at the corner of Toalla and Quondola Streets is underway, with the roof expected to go on to the building this week or early next week.Progress with the building work has thus far been excellent.

“We expect to be ready for trade by summer, transfer your business across now and beat the rush,” Mr Matthews said.

Board members are available every Wednesday and Saturday on the Pambula newsagents’ corner 10am to 12pm, to assist with any queries that may arise.

“The sooner people start banking with us, the sooner the Pambula and District Community Bank will become profitable enabling us to start distributing funds back into the community.

Those that could not purchase shares in the Community Bank are welcome to contribute by banking with us.”

For more information or a copy of a prospectus contact Darryl Watts on 6494 3152.