Run on the bank

INVESTORS have snapped up more than $360,000 in Beaconsfield District Bendigo Community Bank shares in three weeks.
The result is a boost for those involved with the bank following successful negotiations to set up the branch at the Beaconsfield Hub Complex.
Chairman Michael Muaremov said the bank’s board of directors were thrilled with the early response to the share offer, launched last month.
“While our focus is on hitting our $720,000 minimum as soon as possible, this early result gives us the confidence that we may well come close to our maximum of $920,000,” he said.
“Let’s face it, it’s not every day that we get the opportunity to purchase shares in a community venture such as this.”
“And locals know that the end result of this campaign will be the opening of a traditional bank branch in Beaconsfield which is committed to returning almost all of its profits to the community via grants and dividends.
A further $360,000 shares, at $1 each, must be purchased by locals to ensure the opening of Beaconsfield District Community Bendigo Bank Branch in June.
Work will start on the site once the minimum number of shares is purchased.