Guest Speaker, Reagan Barry, The Mt Eliza Community Bank

 

Reagan is Mt Eliza born and bred and an alumni of The Peninsula School. He is Chief Commercial Officer for Telstra’s national business to business division. Reagan was previously based in Hong Kong and served as Chief Commercial Officer of Telstra’s International division, leading a diverse global team through major geopolitical change and the global pandemic.

 

An accounting and finance professional by trade, Reagan holds a Masters of Business (Banking & Finance) and a Bachelor of Commerce from Monash University.

Reagan previously served as President of The Peninsula School Alumni Association and is a current director and Chairman of the Mt Eliza Community Bank, part of the Bendigo Bank network. The Mt Eliza Community Bank has grown into one of the largest contributors of non-Government funding and support for our local community, contributing over $300K since opening.

 

The Community Bank operates on a system of sharing the profits with the community. The Community Bank is locally owned and operated under the direction of a local Board of Directors, who are responsible for governance etc.

The Community Bank started in 1998 in the wheat districts of Victoria, with the first branch at Rupanyup in the Wimmera. Branches have been very successful where the big banks have left the town. There are over 500 branches operating on a franchise system. Reagan then showed a video of the reaction of the local organisations that have been supported by the Community Bank.

 

The Community Bank is staying in Mt Eliza, unlike the other banks. The aim is to give over $1m in the next decade, to better the lives of Mt Eliza people and to support the more vulnerable. The Community Bank offers a full banking service. The local manager has right to make decisions, unlike the bigger banks that require referral  to a higher office to commit loans.

 

In response to a question, Reagan said that the Community Bank was supporting local businesses that were at risk of closing, issuing vouchers to encourage people to shop locally. Rents in Mt Eliza are excessive and place burdens on the local businesses.

 

Reagan concluded by reiterating that by Banking with the Mt Eliza Community Bank, (Bendigo Bank), you are supporting the local community.