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Ku-ring-gai Financial Services Limited (KFSL) opened the Turramurra Community Bank® Branch in October 2003. With over $170 million in loans and deposits, it is one of the most successful branches of Bendigo Bank in our region. $500,000 has been returned to the Ku-ring-gai community in sponsorships, donations and grants to local community and sporting clubs and charitable organisations as well as dividends to shareholders. A fully franked dividend of 9 cents per share was paid on 31 October 2010 for the financial year ended 30 June 2009. An interim dividend of 4.5 cents per share fully franked was paid on 30 June 2011, following issue of free bonus shares to all shareholders on a 1 for 1 basis.
Lindfield Community Bank® project
In order to ensure that neither existing or new shareholders will be disadvantaged, an independent valuation of KFSL’s business has been obtained and the company recapitalised by the issue of one free bonus share for every current share held, so that each current share in the company is valued at $1.
New shares at $1 each will be offered under a Prospectus to provide initial capital for the new branch in Lindfield.
Board of directors
The board is comprised of 10 directors who are local residents and business people. The company’s Constitution provides that one third of directors will retire at each annual general meeting. A retiring director is eligible for re-election. Four members of the Lindfield Steering Committee have joined the board.
