January 24, 2013
Time is running out for the bid to open a Bendigo Community Bank branch in Nanango.
South Burnett Community Enterprises Ltd – the backers of the project – were forced to extend their share offer after they failed to reach the target of 526,000 shares by December 10.
The cut-off date is now March 10 but this deadline cannot be extended again.
“It is important that we get across the line,” South Burnett Community Bank Group chairman Noel Strohfeld told a meeting of shareholders and prospective investors at the Nanango Golf Club this evening.
The group still needs pledges of about $150,000 from potential shareholders.
“It’s not a lot, but it still has to be got,” Mr Strohfeld said.
“Nanango community asked us to come in. They wanted us to do something and we said yes.
“We were very positive. The Board had a meeting today and we are still as positive as ever. We want to help this community.”
There are successful Bendigo Community Bank branches established in Yarraman and Blackbutt.
However, Nanango already has a community bank, operated by Heritage, and the Bendigo project has caused some angst amongst Nanango supporters of the Heritage model.
Tonight’s meeting was told having two community banks would be good for the town.
“Nanango would be absolutely unique in having two community banks in the town, helping the community,” Mr Strohfeld said.
“At the end of the day it is now up to you to get it across the line.”
South Burnett Mayor Wayne Kratzmann said the South Burnett needed community banks.
“We see what Heritage has done in Nanango, what Bendigo has done in Blackbutt and Yarraman. We need community banks,” he said.
He said he had “no doubt” the money could be raised by the deadline.
Cr Barry Green told the meeting he was a great supporter of Heritage but “be that as it may, I find no conflict at all with buying Bendigo shares”.
“There’s no conflict of interest. You can support both, and Nanango and the South Burnett will be the beneficiary.”
If they don’t meet the deadline, the Bendigo group will be forced to go back to ASIC and admit defeat. All pledge cheques would then be handed back.
Board member Dave Robison said 167 shareholders had pledged a total of $324,100 so far, however a $30,500 pledge was expected to come in tomorrow.
“That leaves us exactly $150,000 short as of 5:00pm tomorrow,” Mr Robison said.
Related articles:
- Update On Bank Project
- Bank Extends Share Offer
- Community Bank Deadline Nears
- Community Bank Launches Prospectus
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