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DONALD the
Heart of Victoria ......... a great place to Stop! Donald Sets its Sights on a Community Bank Donald and district residents continue to face significant changes to their way of life, the latest being the National Australia Bank's announcement that it will be closing its Donald branch in November. As you would expect, this has galvanized the locals into action and a campaign to establish the town's own bank, to be named the Donald and District Community Bank, and a branch of the Bendigo Bank, has been launched. A Steering Committee has been charged with the responsibility of determining the level of community support for a Community Bank, and, if there is sufficient support, to press on with the establishment of the enterprise. Chairman is Shane O'Shea, deputy chairman are Harold Flett and Richard Reilly, secretary is Carmen Bath and treasurer Angie Donnellon. Committee members include Leanne Onley, David Falla, Kerry Wood, John McConville, Colin Gilmour, John Heslop, Bernie Sheridan. The first hurdle the committee must clear is determining the level of community support by way of a Pledge Campaign, which is well under way and has so far has reached $255,000. An amount of approximately $600,000 needs to be raised through the pledges, to provide the working capital the Steering Committee will need to carry out a feasibility study, complete a business plan, establish banking premises, recruit staff, meet other establishment costs and to enable the bank to operate until it starts making a profit, estimated to take 3 to 5 years. The money will not be a write-off for contributors. Every dollar will convert into one share in the Donald and District Community Bank (not in the Bendigo Bank itself), and, once the bank is profitable, will attract a dividend. Shares can be bought and sold, as per normal share trading, but not via the Stock Exchange. But more on that later. For the project to be successful, the Steering Committee needs in excess of 300 people to commit during the pledge campaign. Once this has been achieved, a feasibility study will be carried out by an independent company, to determine if there is sufficient banking business available in the Donald district. If this process meets the required level, then a Prospectus for the Donald and District Community Bank will be launched, and it is at this time that those who pledged support will be asked to contribute their hard earned money. Those who take up the offer in the Prospectus will be helping to secure the future of Donald and, in particular, ensuring that the town has permanent access to the full range banking services provided by the Bendigo Bank. For those not familiar with the Bendigo Bank's successful formula, it operates in partnership with the local community, and, in return for that support, returns half of any profit made through the local banking operation back into the community by way of grants and sponsorship. It's a win-win situation. Everyone needs to bank and pay bank fees for the privilege. With the Bendigo Bank, those fees can, in turn, help to fund local projects, provide support for community groups and provide a source of financial help not otherwise available. Former Donald residents are invited to become part of this historic event by getting involved in the pledge campaign (people can pledge between $500 and $20,000), which will give the committee the capital to establish the bank and get it running successfully. Once this is achieved, the money pledged will represent shares in the Donald Community Bank (one share for every dollar invested, which can be sold, transferred), and as shareholders in the Donald and District Community Bank, people can maintain a strong link with the town's future development. So far, a number of ex-pats have filled out pledge forms and are committed to getting our bank up and running and the entire community thanks them very sincerely for their continued support. If you require further information, please contact the chairman, Shane O'Shea, on 0408086504, Harold Flett on 0427 986 283, or write to the secretary of the Donald and District Community Bank Steering Committee, Carmen Bath, care of Box 55, Donald. Vic.. 3480
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