At Heritage we have a philosophy of putting People first. So when some communities were abandoned by their banks in the late 90s, we stepped in with an innovative idea that put those people and their community first.
Heritage introduced true community banking by establishing a joint venture with the local community of Crows Nest in 1999. Since then Heritage has successfully introduced community banking into a further six communities.
It's just another way that we practice what we preach and put People first.
Heritage community banking is a winning solution for local communities who want access to full banking services in their towns and suburbs. Heritage community branches build additional business infrastructure and delivers downstream economic development spin-offs including local job creation and the distribution of branch profits into the community.
Community investment and involvement in setting up Heritage community branches can ensure higher growth and quicker viability than traditional branches.
Community branches provide full banking services, including business banking, plus:
If you have any questions or would like to find out more about the Heritage community banking model, please contact us.
The Heritage community banking model is based on the formation of a community-based company made up of a range of investors from the immediate area. Heritage then partners with this company to form a joint venture. Joint venture company directors act in a voluntary capacity. Both Heritage and the company contribute to the set-up costs and share ongoing expenses.
Importantly, profits are shared and the company can distribute its share of profits back into the community to support charities, sporting clubs and other local organisations. The more the community uses the branch, the greater the profit and the more the community prospers.