Community
14 June, 2024
A town with a vision
LIKE so many others who saw the potential in a community bank for his town, Port Fairy’s Peter Langley was one of the first to volunteer to join the Board.
“I was a member of the original steering committee and in fact was elected the first Chair,” Mr Langley said.
“I, with others at the time, was convinced of the worth of a Community Bank for Port Fairy.
“It allowed the purchase of a franchise-type arrangement from Bendigo Bank whereby local people ran the business (bank) and half of all profits was retained for distribution as operating expenses, returns to shareholders and very importantly support back to the community.”
According to Mr Langley, this was similar in concept to the Port Fairy Folk Festival whereby a commercial enterprise was run by volunteers and profits could be distributed back to the community.
“’We were inspired by the idea that the more business through the bank, the more support was pushed back to local groups, sporting bodies and not-for-profits.”
The Port Fairy Community Bank was the 301st of its kind to open across rural and suburban areas in Australia.
“We were able to gauge the value in the concept by liaising with other groups who had pushed for a Community Bank in their town,” Mr Langley said.
“Even though we had three of the big four banks in town at that time, we saw the profits they made from our community were swallowed up and sent back to the big cities and their shareholders.
“We were able to satisfy local shareholders and keep profits here to support our community; our money was kept in our town for the development and support of our community.”
Mr Langley believes the big four already had an agenda to close branches and was doing that at an alarming rate.
“In retrospect, had we not pushed this concept, Port Fairy today would be without a bank and what a disaster that would have been.”
The point of difference between the Community Bank and others, Mr Langley believes, is that profits made by the big banks are “drained out of the community” but half the profits made by the Community Bank are retained within the region.
“My banking supports my community,” he said.
“Our bank employs local people, pays dividends to local shareholders and supports local groups. It gives us all a great sense of community.”
Port Fairy and District Community Bank now provides the only bank service in the town that offers the full suite of banking products including the only ATM.
“When we think of the vibrancy and commerce of Port Fairy would that be possible without a banking service?
“History has shown that every town that has lost its banking service has slowly withered and died – every good town has a bank and a pub!”
Mr Langley remained Chair until 2018 when the group activated a succession plan and appointed a fresh face in Ralph Leutton as the board chair.
“I remained involved as chair of the sponsorship and grants committee until 2021 and two years later resigned from the board after my wife and I decided we’d start heading north each winter.
“We wanted to escape our cold winters and spend six months of the year up north; I felt I couldn’t do my position on the board any justice if I was away for long periods,” he said.
“I’m so proud to have been part of this project and look forward to celebrating our 10th anniversary with all the past committee, board members and the community.
“We all should take great pride in our decision to endorse this project and be part of this legacy.”
After 10 years in business the Community Bank has delivered almost $1 million back to the community – half of that in the last three years alone.
“As the bank grows so too does its ability to support our community,” Mr Langley said.
“The Community Bank is providing the full suite of banking services where there would be none and delivering great support which is desperately needed.”
