• Bellarine Independent
• Geelong Independent
• Torquay Independent

2nd July 2009 01:15:36 PM

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A community bank has opened at Lara after raising nearly $700,000 of seed capital.

Shareholders and residents gathered at the bank on Tuesday to throw open its doors to the first customers after more than a year of gauging support, seeking pledges and drawing up plans.

Based on the Bendigo Bank model, the community branch will divide profits between reinvestment, community projects and shareholders.

Chairman Neville Trevena said the community bank was a first for Lara and its surrounding district.

“Not only have we opened this branch but the communities of Lara, Little River and Anakie will also benefit from profits in coming years as the business grows,” Mr Travena said.

“I urge all the people of Lara…to bank with their new Community Bank branch and help us grow the business.”

Mr Travena said the bank had appointed Damien Foster as manager.

Branches are also operating on the Bellarine Peninsula where Barwon Heads is in the process of setting up its own bank.

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