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AnnualReviewInJune2011theFairfaxnewspapergroupranstoriesthatreliedonselectiveinformationtocriticiseourmodel.InresponseFairfaxagreedtorunacommentpiecebyourManagingDirectorMikeHirst.ThefollowingisaneditedexcerptofMrHirstsarticlethefulltextofwhichisavailableatTheGlobalFinancialCrisiswascausedbyawilfuldeparturefromthenotionthateveryoneshouldbenetfromanancialtransactiontheinvestorwhoprovidesthefundstheborrowerthebanksshareholderswhobeartheriskoftheborrowernotpayingandsocietyitself.Bankswereformedtofeedintoprosperitythiswaytoacceptcashfromsaverstolendtoborrowerswhocouldaddvaluetoit.Thebankchargedtheborrowerabitmorethanitpaidtheinvestorandreturnedtheriskmargintoitsshareholdersasdividends.Thevalueaddedalongthewaywassharedpeoplegainedemploymenthouseswerebuiltbusinessesstartedandpublicinfrastructurefunded.IfsharedvalueandbankingforandbycommunitysoundfamiliaritsbecauseourBankstartedjustsuchaventure13yearsago.wasfoundedonthebeliefthatsuccessfulcustomersandsuccessfulcommunitiescreateasuccessfulbank-.worksasasharedvaluemodelitcreateseconomicvaluewhilehelpingcommunitiestoaddresstheirneedsandchallenges.companiesareownedbylocalcommunitycompaniesthatreceivehalftheincomegeneratedbytheirbranch.Therearenow276ofthemandin13yearssincetherstwasopenedtheyhavereceivedmorethan764millioninrevenue.Thesebrancheshavereturned56millionincommunitygrants40millioninjustthepastfouryearsandpaid18millioninshareholderdividends.Theyhavecreated1400jobsandeachyearnowspendaround40millioninwagesandserviceslocallywhichhasasignicantpositiveimpactonthesemicroeconomies.Theirprotshavebeenresponsibleforbuildingcommunitycentresandhealthservicesboughtretrucksandcommunitybusesfundedscholarshipsandsponsoredhundredsofsportingteams.Increasinglygovernmentsareco-fundingprojectswithcompaniesbecausetheyknowthecommunitywillvaluetheoutcome.hasenabledustobecomeameaningfulalternativetothebigfourbanksandisstartingtodeliverreasonablereturns.Nooneissuggestingisthenewwayofdoingbusiness.ButasleaderstheworldovercontemplatetheGFCschallengesitisperhapsworthwhilethemhavingapeekintoacornerofAustraliawhereanarmyofwillingandcapablecommunityvolunteersandonesmallbankaretogethercreatingnewvaluefromoldvalues.AcompletenancialanalysisofthenetworksperformanceisavailableontheASXwebsiteunderBENcompanyannouncements.FinallyIthankyouforyoursupportasashareholderandIhopeacustomerandlookforwardtoprovidingyouwithfurtherreportsoftheprogressofourbank.ClickHereforwebsite.ClickHereforwebsite.mustbeonlinemustbeonlineChairmaninthatorderChairman201105RobertJohansonCreatingSharedValueCommunityBankinginthe21stCenturyCommunityBankwww.bendigoadelaide.com.auCommunityBankCommunityBankCommunityBankCommunityBankCommunityBankCommunityBankCommunityBankRobertJohansonBendigoBankASX