BUSTED BANK: The banner for a local community bank in Woodburn hangs forlornly on the old bank building now the project is not going ahead. INSET: Mid Richmond Community Bank committee president Daniel Simpson is disappointed but believes withdrawing from the project is the responsible action.
BUSTED BANK: The banner for a local community bank in Woodburn hangs forlornly on the old bank building now the project is not going ahead. INSET: Mid Richmond Community Bank committee president Daniel Simpson is disappointed but believes withdrawing from the project is the responsible action. Samantha Elley

Bank ‘no’: in the mail

LETTERS have gone out to people in the Mid and Lower Richmond areas who offered pledges to support a community bank in Woodburn, outlining the reasons for the withdrawal of the project.

In a difficult decision made by the Mid Richmond Community Bank committee two weeks ago, it was decided not to pursue the four-year dream any longer.

Committee president Daniel Simpson said he was bitterly disappointed at the decision but felt it was the most responsible action to take.

"It was probably a number of things that brought us to the decision," he said.

"Even though a feasibility study showed that a bank was viable, it was borderline."

Despite receiving $600,000 worth of pledges from local residents, there was a concern the community was not wholly behind the idea of a bank, Mr Simpson said.

"The number of responses to the survey (to gauge community support) was poor," he said.

"The survey showed the committee that people were happy with their current banking services."

Mr Simpson said all was not lost as the committee had given a lot of money to community groups, including Woodburn Boxing, the Evans Head Living Museum and the Woodburn-Evans Head Preschool to name a few.

"I'd like to thank everyone involved in the project, especially the committee members and people who pledged support.

"Also a special thanks to the (Richmond Valley) council who covered the cost of the feasibility study,'' Mr Simpson said.



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