Heritage Bank Community Branch in Palmwoods

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.

Since opening in 2006, Heritage Palmwoods Community Branch has injected over $10.5 million back into the community through grants, sponsorships, local employment and more. And after eleven years in operation, they have injected more than $2 million in grants alone back into the Palmwoods community. These grants have enabled local organisations to complete numerous essential projects that may have never been possible if it wasn’t for this mutually beneficial relationship between Palmwoods Community Branch Ltd and Heritage.

Benefits

• Locals supporting locals
• Eliminating travel to do the banking
• People are more likely to spend their money locally
• Competitive rates and products
• Longer trading hours than the major banks
• A better return for investors
• Profits going back to the community

If your community group is from the Palmwoods area and would like to apply for a Community Grant, please contact your local Community Branch for more information.