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Valued.AnnualReviewTheBankannouncedithadenteredintoanagreementtoacquireEldersLimiteds40percentshareholdinginspecialistagribusinesslenderRuralBankfor165million.ThepurchasetooktheBanksownershipto100percent.NovemberTheBankannounceditssearchforanewcorporateheadofceinAdelaidehadprogressedwithapreferredsiteidentiedonGrenfellStreet.AllresolutionsputtoshareholdersattheAnnualGeneralMeetingwereapprovedincludingtheelectionoftwonewDirectorsJimHazelandDavidMatthewsandre-electionofRobertJohansonandTerryODwyer.TheBankcontinuedtogrowitspresenceinSydneyconsolidating200stafffromthreelocationsintoonemainofceinPittStreet.DecemberTheBankannouncedthecompletionofitsoff-marketbuy-backofitsUnsecuredPerpetualFloatingRateSubordinatedNotes.Thebuy-backwaswellsupportedwith54percentoftotalnotesoutstandingbeingtenderedintothebuy-backleaving348163notesquotedontheASX.TheBanksuccessfullypricedandupsizeditsTORRENS2010-3RMBStransaction.Theinitialtransactionsizeof775millionattractedstrongdemandfrominvestorsandwasupsizedto1billion.TheBanksuccessfullyraised250millioninsubordinateddebttoassistwiththecontinuedgrowthofthebusiness.TheraisinghelpedincreasetheGroupscapitalratioto11.07percentasat31December.ManagingDirectorMikeHirstpresentedasubmissiontotheSenateEconomicsCommitteeregardingitsinquiryintocompetitionwithintheAustralianbankingsector.RuralBankthenow100percentBank-ownedsubsidiaryreceivedacreditratingupgradefromratingsagencyStandardPoors.SPupgradedRuralBankfromBBBtoBBBA2withastableoutlook.TheBankannouncedthecompletionoffurtheraspectsofthetaxconsolidationprocessrelatingtothemergerofBendigoBankandAdelaideBankin2007resultinginthecontributionofapproximately34milliontotheBanksstatutorynetprotasat31December.BendigoandAdelaideBanksphilanthropicarmCommunityEnterpriseFoundationlaunchedtheQueenslandFloodAppeal.TheBankalsoextendedadditionalsupporttostaffandcustomersimpactedbytheoods.JanuaryRoyMorgansJanuarysurveyintoAustralianbankcustomersatisfactionshowedBendigoBankhadexperienceda0.2percentincreasetakingitstotalto87.1percent.ThisgurewastheleadingscoreforanAustralianretailbank.201111RuralBankPurchaseAnnounced26OctoberSiteIdentifedorAdelaideHQ3NovemberAGMResolutionsApproved3NovemberSydneyStaUnited12NovemberNoteBuy-BackCompleted8DecemberRMBSUpsizedto1b10December250moSubDebtIssued15DecemberMDsSubmissiontoSenate15DecemberRuralBankCreditRatingUpgraded22DecemberAdelaideBankMergerTaxConsolidation22DecemberQueenslandFloodAppealLaunched23DecemberNumberOneinCustomerSatisaction31January