The share sales total over the last week reached a figure of $273,000 by Friday, an increase over the previous week of $78,000. This is an outstanding response by any measure and is as a direct result of increasing public awareness by phone calls and personal contact by the Board with bank supporters. This should augur well for a good response by the initial share &ale offer close on this coming Friday.
At a Board meeting held last week it was decided to wait until December 14 and see how much shortfall there is. If a total close to the mark is received, the Board will then decide to extend the offer until a later date, probably sometime in late January 2002. The Board would urge everyone who can to submit their applications by the initial closing date of this Friday, December 14, 2001.
It would appear that there will be some shortfall, however, the size is difficult to predict. Some people who previously pledged amounts have had to reduce these because of changes in circumstances. This has been offset to some degree by increases over amounts pledged, plus support from people who had not pledged. It is an anxious wait for the Board until next Friday.
The feature last week was the contribution to the Community Bank by the Braidwood Servicemen’s Club, The significant support from this organisation is well appreciated and it is anticipated that, once up and running, the Community Bank and the Servicemen’s Club community activities will be complementary.
To dwell on the total so far of $273,000 and the target of $410,500 - this is an amazing achievement in a town such as Braidwood. Might the question be asked, when has this amount of money been contributed by this community to a community project? Without assistance or handouts, without any support from governments or the local council, this community is demonstrating that if the will is there then the end will be achieved, and we will have done it by ourselves. As Board member, Noel Wisbey, would say, “this has the potential to be the biggest thing to have happened in Braidwood past or present”.
Some people still miss the real point of Community Banking. Yes, it will return full banking service, with a manager, and be open on Saturday mornings. It is not necessarily cheaper banking, but it will certainly be competitive banking. The real issue is what will be returned to the community, paid for by the community. Without demeaning the efforts of service clubs, such as Apex and Lions, and the fundraising activities of the local Lodge of Truth, according to the results of the feasibility study, forecast profits in excess of $300,000 per year could be returned to community groups, charitable organisations and the like.
Further, some people say that they are happy with their banking. We are not trying to change banking habits, we are simply asking people to consider supporting their community, which the purchase of shares would be.
Keep an eye on the sign on the block that is now being updated with our progress, and we appreciate the efforts of Gabrielle Morgan in doing that. We would like to make this week a big week for the return of share applications leading up to the initial closure on Friday. We also ask for those who have applied for their shares to keep at your friends if they have not done so. We encourage everyone to participate in this great community project. If you need assistance or if you need a new prospectus or if you never received one, please contact one of the Board members who will be able to assist with any questions you may have.
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