HISTORY could repeat itself if plans for a new community bank are given the green light.

Wimborne residents could see their own bank – thought to be one of the first in the UK – put in place for the first time in more than 170 years.

A committee of professional business people, community organisations and residents have joined together to bring the idea to life.

Business Improvement District director Martin Tidd, who is at the forefront of the plans, said: “In the mid-19th century Wimborne was an economic hub and the home of the Bank of Wimborne, as well as Fryer, Andrews & Co, which was acquired by National Provincial Bank – now RBS – in 1840.

“With all the talk of making banks more accessible Wimborne has the opportunity to, once again, have its own bank.”

The Community Bank of Wimborne, which will come under the umbrella of DotComUnity, will offer credit union and community finance services.

Mr Tidd said investors will be offered the same protections as can be expected with High Street banks.

“We have been working on this idea for quite some time,” he said.

“We have a range of Wimborne residents who are putting the plans for the bank into action, including a retired professor of business, the former head of IT for American Express, and an international banker.”

The group are currently working out of Allendale House, formerly the home of Charles Castleman, who founded the Christchurch, Wimborne and Ringwood Bank.

Mr Tidd, who said the bank would be the opposite of money-lending giants like Wonga, added: “If it is to be a success, it will need a dedicated band of volunteers willing to help residents and local businesses access the banking services they need.”

Volunteers will not need banking experience.

For more information, email m.tidd@localcouncilmedia.co.uk making reference to CBOW in the subject line.