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New bank for Perth

A COMMUNITY bank, traditionally a rural institution, is close to opening its doors just three kilometres from the Perth CBD.

The North Perth Community Bank will launch its prospectus to raise $450,000 on Sunday and is expected to open in mid-December in the former National Bank building on Fitzgerald Street, North Perth.

Vincent Mayor and Com-munity Bank board interim chairman John Hyde said the local community wanted to control its banking.

He said residents and businesses were already inquiring about further community bank branches opening in other areas of Vincent.

“People are sick of big bank fees, impersonal service and seeing profits going out of the local community,” Mr Hyde said.

“As branches close and jobs are lost, local people see the effect that has on other businesses.

“Creating your own com-munity bank gives residents and local businesses confidence to spend, invest and employ.”

North Perth will be the second Bendigo Bank Community Bank branch to open in Perth.

Bayswater’s Community Bank opened its doors six weeks ago. More than 1,300 accounts have been opened there.

Bendigo Bank project manager Simon Cornwell said the Forrestfield community had decided to go ahead with its community bank.

“Gosnells, Hamilton Hill and Gingin are in the process of raising funds for a community bank,” Mr Cornwell said.

The first Bendigo Bank Community Bank was opened in Kulin one year ago.

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