Gerringong’s new Bendigo Bank branch is officially open for business.

“Thanks go to the community for having the guts and the gumption to get this done. And good on Bendigo Bank for having the faith in our community to set this up,” said Mayor Neil Reilly as he cut the red ribbon at the bank, located in the former Baby Health Clinic rooms at the Town Hall in Fern Street.

In 2018, Gerringong’s last remaining bank, the ANZ, closed its branch. This meant that locals, businesses, sporting groups and community groups had to travel to Berry or Kiama for their banking services.

But after a four year campaign by a group of dedicated locals, the town now has a full-service bank back again open initially for two days a week, Tuesdays and Thursdays.

Gerringong resident Shane Douglas is on the board of the Oak Flats Financial Services Ltd which runs the Oak Flats, Shellharbour and now Gerringong branches of the Bendigo Bank. David Banks from Gerroa, who has had extensive experience with NAB, is the other local person on that board.

Shane was a member of the original banking steering committee along with Leanne Mitchell (formerly from Number$Count), Emeritus Mayor Sandra McCarthy, Lindsay Sharp, Glenn Steele, former Councillor Mark Westhoff, Christine Waite and others.

“We realised that if we wanted a banking facility in town, we would have to step up,” Shane says.

“We contacted the Big Four banks plus many building societies, with little response. We were keen to look at Bendigo Bank because they run a community banking model.”

With this banking model, around 80 per cent of profits from the branch are reinvested into the local community in the form of donations, grants and sponsorships.

“In some cases, they have fully funded or provided seed funding for major projects worth millions of dollars,” Shane says.

Geoff Egan, Chairman of Oak Flats Financial Services Limited, says, “Our customers help change lives simply by banking with us. Their home loans are building skate and sports parks, hospital wings and classrooms. Home lending, personal loans, business banking and credit cards are funding ambulances, surf clubs, rescue boats, schools and disabled and aged care facilities.

“With enough local customer support, we aim to generate community funding to help strengthen local organisations here in Gerringong long into the future as well.”

Jenny Butler, now a Director of Oak Flats Financial Services Ltd, knows first hand of the benefits that can come. She ran the newsagents in Oak Flats 21 years ago when both banks in town closed on the same day.

“I had seen a piece on ABC’s Landline about Bendigo Bank, so I got in touch with them and within 12 months we had a branch in town. The Oak Flats branch has put nearly $4 million back into the community,” she says.

The new Gerringong Manager, Matt Holme, says that in addition to the community focus, the new branch will offer a full suite of banking services and act as a hub for the local community.

The Baby Health Clinic has been transformed into a bank

“We look forward to providing the wider Gerringong community with the customer service excellence for which Bendigo Bank is renowned as we progress our vision of becoming Australia’s bank of choice.”

“It did take four years to get a new bank sorted,” Shane says.

“But during that time we did have a Royal Banking Commission and a global pandemic to delay the process.”

The bank plans to have a grand opening sometime in April, with a smoking ceremony and some ‘fanfare’, and will issue invitations to all groups in the community to attend.

Matt Holmes, Gerringong Branch Manager, says he would “like to thank the community for their patience and support throughout this lengthy process”.

Bendigo Bank is located on the ground floor of the Gerringong Town Hall, at 106 Fern Street. t 4203 4178.

Hours are Tuesdays and Thursdays 9:30am-11:30am and 12:30pm-5pm (closed one hour for lunch).