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Community bank open for business.



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MEDIA RELEASE Phillip Barresi MP FEDERAL MEMBER FOR DEAKIN

Friday, 20 June 2003

Community Bank open for business!

Federal Member for Deakin Phil Barresi officially opened the comm unity bank in East Ringwood today.

"It gives me great pleasure to be with you today to cele brate this important day in the life of the Ringwood East community.

"The opening of the community bank is a validation of th e hard work of the steering committee and the many people who have pledged support to this project."

Mr Barresi reflected on the path towards a co mmunity bank, which goes back about 18 months.

"I recall around 12 months ago, standing on the corner in front of the billboard down on Dublin road with your chairman Stuart Greig and fell ow traders, now directors, calling for ple dges of support to be returned to start a feasibility study.

"We then followed the launch of the share prospectus at Karralyka and today we revel in the success and strength of the community.

"This community bank project is a gr eat illustration of what can be achieved through coll ective action.

"I believe this is either the 100th (or very close to it ) community bank to be opened under the banner of the Bendigo Bank. For that reason the bank in part nership with 100 different communiti es around Australia should be very proud.

"From my vantage point, the benefits to the community ar e many. However one of the most significant benefits is

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the prospect of giving back.

"That notion is not very well understood by the big four banks, but giving grants back to the community in due course is a commendable act.

"Without further delay, it gives me gr eat pleasure to officially declar e the Ringwood East Community Bank open for business. We look forward to the first account bei ng opened and the first home lo an being approved," Mr Barresi said.

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