Bayswater turns bank tide

A COMMUNITY-owned bank in Bayswater is a step closer to reality with the launch of the marketing plan for the venture.

Bayswater Community Bank Steering Committee chairman and Bayswater Mayor John D’Orazio said the target was to raise $400,000.

“An amazing response has also been received to our advertising campaign,” Mr D’Orazio said.

Once the target of $400,000 has been reached, a feasibility study will be conducted by accounting firm Bird Cameron.

Concurrently, an interim Bayswater Community Bank Board will be formed to float the new community bank by the formation of a company and the issue of shares ranging from $100 to $10,000.

The community bank move was forced by the closure of the Bayswater branch of the Commonwealth Bank in March.

The closure resulted in local business and residents rallying for support in order to establish a community bank.

It is anticipated the new bank will commence operations from the Old Bayswater Post Office site.

The Town of Vincent, also hit by Commonwealth Bank branch closures, is following close on the heels of Bayswater with moves afoot to open its own community bank.