After years of being overlooked by other banks, in the early 2000s the people of Palmwoods sought a way to access full banking services in their community. After investigating numerous options, it became clear that the Heritage Community Branch banking model made the most sense and would allow them full access to quality financial services on their doorstep.
In February 2006, 99 local investors raised $200,000 in capital to help set up the Palmwoods Community Branch. And now, as a joint-venture between Heritage Bank and the local community represented by Palmwoods Community Branch Ltd, a share of the profits from the branch are distributed back to the community in the form of Community Grants. These grants are used to support charities, sporting clubs and other local organisations in the branch footprint.