Bonus time for Christmas
WHILE the rest of the world continues to patiently work through its ongoing economic quandary, it’s a far different story for investors in three of the coast’s Community Bank branches.
In fact it’s a celebration of a real home-grown Sunshine Coast success story.
Nearly 790 Sunshine Coast shareholders, who have supported the Cooroy, Marcoola and Tewantin Community Bank branches since their inception (with the Cooroy Community Bank branch opening in 2002) will now receive their third dividend in as many years.
Cooroy, Marcoola and Tewantin Community Bank branches chairman Rick Cooper said shareholders would each receive a share of the $127,818, the total dividend, based on 7.5 cents per share of 1,704,238 fully paid shares.
“The result is a culmination of hard work and local support from the Cooroy, Marcoola and Tewantin and surrounding communities. As we often say, bank with us and everybody benefits,” Mr Cooper said.
“The directors of the Community Bank company have decided the dividend is a fair reward to shareholders who initially funded the establishment of the branches and who have been patiently watching their development. It’s the third dividend and they can all look forward to receiving it in time for Christmas.
“Without their support the branches simply would not exist,” Mr Cooper added.
Cooroy Community Bank branch manager Fiona Hutchings said the shareholders would not be the only locals to benefit from the third dividend.
“The company’s remaining profits are channelled back into Cooroy, Marcoola and Tewantin communities via donations, sponsorships and scholarships,” Ms Hutchings said.
“By June 2011, the total funds given back to the community will have exceeded $455,000.”
In coming months the board will continue its program of community grants that will release further funds into the community to assist with a wide range of projects.
“We’re proud to be involved with a bank that’s giving locals a say in the shaping of their communities,” Ms Hutchings said.