AFTER little more than two months in operation, Elders Rural Bank has attracted more than $100 million in retail deposits.
Elders Rural Bank WA manager Ray Wilson said the rural services company had been lending to farmers for more than 100 years.
Before gaining its banking licence, it had special leave to take deposits from farmers.
“With the banking licence we can take money from anyone,” Mr Wilson said.
“Their deposits are funding a loan book that is expected to reach $1 billion this year. About 40 per cent of that should be in WA.”
The rural bank is a joint venture between Elders’ parent company Futuris and the Bendigo Bank.
Mr Wilson said although banking services would be offered through most Elders branches, it would not be handling cash transactions.
“All of our services will be offered through the Internet or debit cards,” he said.
Mr Wilson said the support for Elders’ banking venture had been overwhelming with the bank picking up $2.6 million a day in new money.
Elders is offering its traditional financial services such as overdrafts and seasonal loans through the new venture. These will expand over time to include equipment finance and home loan products for regional areas and some treasury products.
