In the late 1990s, the small Queensland town of Nanango was facing the closure of their local bank branch. Instead of travelling out of town to do their banking, some of the locals decided to do something about it.
Wanting to find a way to ensure local residents could have access to decent banking services in Nanango, local Wendy Zerbst initiated a steering committee to investigate community banking. Community banking is a model where a group of local investors form a community-based company, and then partner with a financial institution.
After looking at a number of other models, the community felt that the Heritage Community Branch model was for them. Around 165 locals put their hands in their own pockets to gather the community contribution needed to set up the branch, jointly funded with Heritage, and on 11 December 2001, the Nanango Community Branch opened its doors.
For the past 20 years, Nanango residents have been able to enjoy long-term access to a full-range of financial services from a local team. But that’s not the only way the branch has helped the town.
“The success of Nanango Community Branch is due in no small part to the tireless work of passionate locals who formed the Board of the Heritage Nanango Community Funding and continue to drive its activities,” says Heritage Bank CEO Peter Lock.
“The beauty of it is that the more people do their banking with us here in Nanango, the more we can give back to the community. Community grants have enabled local organisations to complete numerous essential projects that may have never been possible if it wasn’t for this mutually beneficial relationship.”
As a community branch, profits are distributed back to the community in the form of community grants and sponsorships that are used to support charities, sporting clubs and other local organisations. Over the two decades, around $4.5 million has been injected back into the community. This included donating $750,000 towards the construction of Heritage lodge, providing long-term housing for people with disabilities.
Peter says they’ve loved seeing the positive impact of the community branch over the years.
“It’s amazing to think that a community of just over 3000 people has been able to create something so special that gives so much back. By working together, Heritage and the people of Nanango have developed a style of banking that truly lives up to our vision of putting people first,” he says.
The Nanango Community Branch celebrated its 20th birthday this month with a week of celebrations bringing the community together to say thank you and celebrate the contribution the branch has made over the years.
Heritage Bank currently has seven community branches with other locations including Crows Nest, Highfields, Forest Lake, Karalee, Millmerran and Palmwoods.