General News
31 January, 2025
Bank gains accreditation
The Avoca District Co-operative Limited (ADCL), franchisee for Community Bank Avoca, Maryborough and St Arnaud, is now a certified social enterprise — an acknowledgement that marks 26 years of giving back to the local community.
The certification by Social Traders validates the contributions by ADCL and takes their ‘profit for purpose’ model to the next level.
Having invested over $2.5 million into local organisations and projects, this recent certification validates the effectiveness of the Community Bank model and formally acknowledges the positive impact of the company’s efforts.
Executive officer, Julie Driscoll, highlighted the significance of this achievement.
“Our Community Bank model is unique — research suggests there isn’t a similar model anywhere in the world,” she said.
“Just as the Community Bank model was a pioneer 26 years ago, our social enterprise model is breaking new ground today. We have established what is arguably the largest social enterprise in Australia. It is time for us to officially acknowledge our place.”
This certification highlights the many long-standing investments in community projects, organisations and causes by ADCL. It also reaffirms the valuable role community banking plays in building community prosperity.
Social enterprises must have a defined primary social, cultural or environmental purpose consistent with a public benefit, derive a substantial portion of their income from trade and invest effort and resources into public and community benefit that outweighs private benefit. These are also the core attributes that underpin the Community Bank model.
Shareholders agreed to a new mission statement to support the certification process at the last annual general meeting: ADCL’s mission is to be a substantial, sustainable community-focused enterprise that contributes to community prosperity.
“We are thrilled to have our community support officially recognised in this way,” Community Bank Avoca, Maryborough and St Arnaud assistant branch manager Aley Earl said.
“It affirms our social enterprise operating Community Bank is a business-for-good and that your banking choices can make a difference.”