New top team for Homebush bank

By Peter Lynch

The homebush branch of the Bendigo Bank has a new team at the top, fresh finance from its franchise owners and a mission to embrace local business and the community.

The company also announced its first annual profit at its Annual General Meeting and, according to a company statement, continues to trade profitably on a monthly basis.

New manager Emmanuel Vatalis, a former senior executive at the Bank of Cyprus and the NAB, told ourstrathfield.com.au the bank would be holding a party for local customers and looking to help community groups.

He said the bank has a passion for building relationships with its customers.

“An extension of this is our very real desire to make a valuable contribution to our local area in a meaningful way -  and what better way to do this than by returning profits to our local community.”

The good news comes six months after the branch was shocked by a report in the Sydney Morning Herald which claimed they had been trading poorly.

Vatalis said he has plans to reinvigorate the bank's links with local business, and ensure they know that supporting the Bendigo is supporting the local communtiy.

Bendigo and Adelaide Bank Limited has taken a significant equity position in Homebush Financial Services Limited (HFSL), the locally owned company which operates the Homebush Community Bank Branch of Bendigo Bank.

New HFSL board chairman David Langdon, who has experience heading up boards for other community banks in Sydney, said: “This capital injection by Bendigo and Adelaide Bank was designed to allow Homebush Financial Services Limited to reduce debt, improve the dividend prospects for local shareholders and increase the company’s contributions to local community groups. "

The Homebush Community BankBranch at 27, Rochester Street, has been in business for 10 years, and now has more than 2,200 customers and $80 million of banking business on its books.