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Heritage Bank is planning to expand its operations to locations where its community banking model could assist local communities.
The bank currently operates seven community-branch outlets in areas where other banks have closed their doors. These outlets are joint-ventures between Heritage Bank and the local community.
“We think our model is a fantastic way to retain a banking service in local areas and we’re looking at where it might be applicable," said Peter Lock, CEO of Heritage Bank
“We’ve recently created a new position in our team to focus specifically on managing our community banking operations, with a view to expansion.”
Lock said the removal of the trademark on the phrase "community banking" is a huge win for many organisations who are using community-focused banking models.
"Our joint-venture branches epitomise what it means to offer true community banking. Our community branch operations not only ensure local areas retain a banking service, they employ local people and services, and half the profits go back to the community via grants," he said.
Recently, the Federal Court dismissed the appeal of Bendigo Bank against a decision to remove its trademark on the term "community banking".
The trademark, which has been in place for the last 20 years, prevented other groups like Heritage Bank from using the term to describe their operations.
