Banking, Belonging, Benefits with Bendigo Bank
John Caruso reflects on twenty-one years of community banking and dsicovers that sometimes the biggest changes start with a simple question: what if we did it ourselves?
When the major banks began shutting the doors across regional Australia in the late 1990s and early 2000s, communities across the Sunshine Coast and Noosa, such as Cooroy, Tewantin, and Marcoola faced more than just the inconvenience of driving further for their banking. They were at risk of losing a vital piece of their local fabric, a place where business was done, connections were made, and the economic pulse was kept alive.
Community Bank Tewantin-Noosa Board Member Rick Cooper moved to Noosa in the early 90s after a career in finance and technology, saw these changes firsthand.
“When a bank leaves town, it doesn’t just take the cash machine with it. It takes the confidence out of the local economy,” Rick reflects. “People start spending elsewhere, and you lose that sense of local momentum.”
It was around this time that the idea of community banking, pioneered by Bendigo Bank and a small Victorian town called Rupanyup, began to catch on.
The model was simple but powerful: the community itself would own and support the branch, with profits returned to local projects and services. It wasn’t about nostalgia; it was about resilience and self-determination.
On the Sunshine Coast, the concept took root in three places at once. In Cooroy, the spark was lit at a local restaurant where business owners and residents discussed their options as the big banks prepared to leave. Tewantin and Marcoola were facing the same reality so, rather than wait for someone else to solve the problem, each community began working independently towards a solution, eventually joining forces to form a single community bank with three branches managed by Sunshine Coast Community Financial Services Ltd.
The structure was, and remains, unique. Seven hundred local shareholders pooled resources to get the branches off the ground. Each branch is run by locals, for locals, with an elected board of directors responsible for distributing profits back into the community.
Over 21 years, the Community Bank model has delivered real, measurable benefits. Collectively, over $5 million has been reinvested into local projects, from junior sports teams and surf lifesaving clubs to Noosa Coast Guard; $500,000 to a housing initiative for victims of domestic and family violence; 11 students sponsored through Altitude Scholarships; community initiatives such as Noosa Men’s shed, Katie Rose Hospice and Rotary Youth Driver Awareness Program; and arts initiatives such as Sunny Coast Showdown, Noosa Alive and the Community Hero Awards.
These ongoing commitments help keep the region vibrant and connected and there’s another benefit to community banking: the service. Step into any Bendigo Community Bank branch and you’re greeted by staff who know your name and understand your needs, a level of attention that’s become rare.
“We’re not just serving customers, we’re serving neighbours,” says Rick. “Decisions are made here, not in a boardroom in Sydney.”
As the big banks continue to close branches and push customers online, the Bendigo Bank branches in Cooroy, Tewantin, and Marcoola remain committed to face-to-face service, recognising the value of local knowledge and personal connection while still providing the latest technology and security for online services.
The impact of community banking goes beyond dollars and cents. It’s seen in the new footy jerseys for a local club, the upgraded facilities at the community hall, and the support for local festivals and events. It’s about keeping the benefits of local business in the community, rather than seeing them siphoned off elsewhere.
After 21 years, the success of community banking in these three towns is a testament to what can be achieved when locals take charge of their future.
Rick Cooper sums it up well: “Community banking works because it’s built on trust and a genuine commitment to the place we call home,” he says. “It’s not just about banking, it’s about making sure our towns continue to thrive, no matter what the big players do.”
In Cooroy, Tewantin, and Marcoola, banking isn’t just a transaction. It’s a community decision, made by, and for, the people who live there.
WANT MORE?
Download the interview with Rick Cooper from our podcast.
