SYDNEY, Australia–A credit union here has won a court case against a bank that had trademarked the words “community bank.”
Community First Credit Union won the case against Bendigo Bank, arguing the bank did not have a monopoly on the words and the credit union should be able to use them, as well. Federal Court Justice Brigitte Markovic ruled that Bendigo Bank must deregister the trademark that includes the words “community bank,” according to CO-OP News.
The decision further gives Community First the ability to register the words “community bank” in its name.
“We are delighted that the Federal Court has recognized Community First Credit Union for the community focus they have and that they can finally describe their business model for what it is – real community banking,” said Melinda Morrison, CEO of The Business Council for Credit Unions and Mutuals. “Mutuals are the original community lending model, they are owned by their members and have always put the community before profit. We are pleased the courts have removed this unfair restriction by a publicly listed bank against a community owned bank.”