Banking on a vital role in the community

By Kath Gannawa
THE Woori Yallock community has well and truly dispelled an old myth with the success of their local community bank.
In 2003 the community came out in force for the opening of the town’s first bank – the Woori Yallock and District Community Bank Branch – Bendigo Bank – WYDCOM Financial Services Limited.
Previous attempts to attract a mainstream bank to the town had failed.
Long-time resident Ivan Ferguson recalled at the official opening the thinking behind that misconception.
“Word came back to us that Woori Yallock was not a banking community,” he said.
Well, five years on, Mr Ferguson can reliably say “myth busted!”
As the bank prepares to celebrate its fifth birthday on 19 September the Woori Yallock community has proven beyond question, it is very much a banking community.
Chairman Rick Shaw said in his August report that the response to the bank had been overwhelming with the business reaching and, at times, exceeding targets and budgets.
“There can be little doubt as to our success with total business now in the order of $60 million and conservatively predicted to grow to $85 million over the next five years,” he said.
“This will allow us to support our community in ways not previously thought possible.”
Already the bank has contributed around $75,000 to local community projects and through their involvement with the Ban the Bulb campaign, it has contributed a further $120,000 to local CFA groups.
Manager Rick Tolsher cited the refurbishment of Woori Community House as an outstanding example of what can be achieved when the bank and the community work together.
“This now provides a great facility which many organisat-ions can now use with the comforts it so long had lacked,” he said, heralding a new computer upgrade for the house in the near future.
Mr Tolsher thanked his staff who he said showed support and genuine concern for their customers.
“The business grows on a daily basis due to the fine work and reputation you have established in our community,” he said.
He praised the contribution of the volunteer board who, he said, do a sterling job in support of the local community, and the shareholders who had had the confidence to commit their own funds.
To date the bank has returned $63,000 in dividends.