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Community banking celebrates birthday

14/10/2009

Bendigo Bank is 150 years old and is being credited with helping to save a number of rural communities with its community banking model.

A new book by Alan Mayne has been launched to commemorate the history of the bank, which merged with Adelaide bank last year to become the seventh largest in Australia.

The Bendigo Land and Building Society began business in 1858 with a philosophy of "community obligation". In the 1990s, government regulation and competition forced the Bendigo Building Society to become a bank.

The first community bank branches which are a joint venture with local communities, opened in the Victorian Wimmera towns of Rupanyup and Minyip in June, 1998.

Source: Weekly Times

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