New Banks Likely Soon

by Therese Murray
Hornsby and Upper North Shore Advocate
Thursday, 19 July, 2001, pg 6.

Plans to open community banks in Galston and Hornsby are well under way with residents depositing plenty of interest in the concept.

It is expected and opening date and location will soon be announce for the Galston Community Bank.

Feasibility studies have been carried our into community banks in Hornsby and Galston in conjunction with the Bendigo Bank, which pioneered the community banking concept in Victoria.

Galston and District Community Bank chairman of director Ralph Steele said the bank was forging ahead.

"Figures from the recent feasibility study have shown large support both in account numbers and dollar numbers,: Mr Steele said.

"In fact the number returned are possibly the best number that Bendigo Bank has seen so far from a community bank group, far in excess of expectations."

Mr Steele said a company has been incorporated and the directors have been elected.

"The legal requirements are happening at this time and the prospectus for the financing of the bank is being formalised but cannot be finalised and issued until negotiations for premises have been completed, which will be very soon." he said.

Meanwhile, the steering committee for the formation of Hornsby Community Bank met last week.

Spokesman David Adermann said the bank concept was quickly gaining momentum.

"In Hornsby, a steering committee has been formed and is proceeding to informally survey local support to establish the need for a community bank.  TO date, feedback from the business and private sectors has been positive," he said.

e&oe