CRESWICK and surrounding residents are invited to pledge their support for the establishment of a community bank.

The local committee and Bendigo Bank representatives have officially launched the community's pledge campaign for a Community Bank Branch of Bendigo Bank in Creswick.

The campaign is the first stage in a process to gauge community interest in the concept.

Community Bank Steering Committee chairman Graeme Mitchell urged people interested in the community banking concept to get right behind the campaign.

He said the establishment of a community branch in Creswick would benefit the community.

"A community bank branch will help improve our community by keeping profits in our town", he said.

"Now that a decision has been made to undertake a community bank campaign, the local committee will seek indicative pledges of support from local residents, traders and business people."

Mr Mitchell said a pledge of support will indicate the number of people who would be prepared to become a shareholder in a community bank branch, and the financial level of support.

"Their pledge of support will indicate that intention," he said.

A pledge target of around $600,000 from more than 400 locals has been set for the Creswick and District Community Bank campaign.

Bendigo Bank currently supports 162 community bank branches throughout Australia.

Under Bendigo Bank's Community Bank model, once the pledge and feasibility processes have been complete, the community raises share capital via a public share offer.

Mr Mitchell said there are a number of ways people could support support the campaign by transferring their banking business across to Bendigo Bank.

He said steering committee members will be making themselves known around town over the coming weeks and months.

For further queries on the Community Bank campaign and the benefits of a community bank can provide contact a steering committee member.