TWO Perth municipalities are drawing closer to entering the banking business.
Bayswater City Council and Vincent Town Council elected to open community banks after major banks closed branches in their areas.
Both have opted to follow the Bendigo Bank community bank model.
Bayswater Council is closest to finalising its community bank plans. It started its process in March 1999.
Vincent Council is still in the feasibility stage, but started the process later than Bayswater.
In its pledge stage, Bayswater Council aimed for pledged support of $400,000, which it achieved on the first day, eventually reaching pledges of $1.2 million.
Bayswater Mayor John D’Orazio said the council was interviewing for a bank manager.
“Hopefully, the bank will open in late August but it’s more likely to be early September,” Mr D’Orazio said.
The official opening is planned for September 10.
Bayswater Council has released a prospectus to raise $500,000 which is due to close on August 25.
It is understood response has not been as rapid as the response to the pledge stage.
However, Bayswater Council finance director Ted Budzinski said the prospectus had received responses from all over the Perth metropolitan area.
