December 9, 2016
This weekend one of the South Burnett’s most successful community enterprises will be quietly celebrating its 15th birthday.
Nanango’s Heritage Community Branch, which opened its doors on December 10, 2001, has proven that innovative thinking and the willingness to explore better ways of doing business can revitalise rural communities.
The branch was founded in 2001 in response to the withdrawal of services from the town by the “Big Four” banks.
A group of Nanango residents concerned about the decline in Nanango’s banking services got together to investigate alternative banking options.
After a thorough search, they decided that Queensland-owned Heritage Building Society in Toowoomba had the best community banking model, and signed a joint venture agreement between the building society and their own group, Nanango Progressive Community Ltd, to open a branch in the town.
In the 15 years since Heritage Nanango Community Branch began operating, it has not only restored the full spread of banking services Nanango residents used to enjoy, but it has helped revitalise the community as well.
In an eye-popping insight into just how profitable banking can be, the community branch has injected more than $3 million dollars directly back into the Nanango district through sponsorship of community organisations, schools, sporting clubs, events, building projects and restorations.
Along the way it has also purchased its own premises, repaid all the initial investors who put up the funds to get the branch established, and created new jobs to replace some of those lost when the big banks left the town.
Of course, there have been some changes along the way.
Heritage Building Society became Heritage Bank in December 2011 when its assets passed $7 billion.
And Nanango Progressive Community Ltd became Heritage Nanango Community Funding Ltd (HNCF) to better reflect the different roles each group plays in the branch’s operation, with Heritage Bank providing the banking services, and HNCF distributing the community’s profit share back to local good causes.
But some things haven’t changed, too.
The branch’s friendly banking staff are still headed by manager Robert Shaw, and the dedication of
the voluntary HNCF directors who operate the funding arm of the organisation hasn’t wavered.
And this year Heritage took out the Canstar Blue 2016 Challenger Bank award for the most satisfied customers, scoring five out of five for overall satisfaction, digital banking and interest rates ahead of 12 other contenders.
In recent times, community leaders and grant recipients have commended the joint venture on
the difference the injection of several hundred thousand dollars every year makes to Nanango and communities in the smaller surrounding towns.
Heritage Nanango Community Funding distribute the Nanango branch’s profits back to the communities that support the branch.
At its recent Annual General Meeting, HNCF Chair Wendy Zerbst said Heritage’s community banking model had withstood the test of time and proven Heritage community branches were a solid investment for rural towns.
“The advantages to our community over the last 15 years have been nothing short of stunning,” Wendy said.
“I hope Nanango and district residents continue supporting our towns by spreading the word about the benefits Heritage’s community banking model can provide.”
Congratulations to all involved in achieving this milestone. Proof that vision and commitment bear great results eventually. The beneficiaries of HNCF generosity, which include South Burnett CTC clients, will be grateful forever. Thank you particularly to the Board members of HNCF who without seeking recognition put in a great deal of time and effort.