Question 1

What is Volksbank Rhede?

Accepted Answer

Volksbank Rhede is a German cooperative bank (Genossenschaftsbank) headquartered in Rhede, North Rhine-Westphalia. As a member-owned financial institution, it operates as part of the German Cooperative Financial Group (Genossenschaftliche FinanzGruppe Volksbanken Raiffeisenbanken), serving retail customers and small to medium-sized enterprises (SMEs) in the southwestern region of the Kreis Borken district.

With total assets of approximately €980 million as of 2023, Volksbank Rhede ranks as the 716th largest bank in Germany and the 299th largest cooperative bank in the country. The bank is owned by its members through shares, embodying the cooperative principle of collective ownership and democratic governance.

Question 2

When was Volksbank Rhede founded?

Accepted Answer

Volksbank Rhede was founded on June 21, 1885 by 28 citizens of Rhede as the "Rheder Spar- und Darlehnskassenverein, eingetragene Genossenschaft" (Rhede Savings and Loan Association, registered cooperative). The formal registration in the cooperative register of the Royal District Court in Bocholt took place on July 13, 1885.

The founding members elected Chaplain Wilhelm Melchers as the first chairman of the supervisory board and Hermann Finke as the first chairman. Anton Plagge served as the treasurer, working part-time for an annual salary of 50 marks, and likely managed the bank's funds from his private residence.

The bank has evolved through several mergers and transformations. In 1967, it merged with three neighboring savings and loan associations from Hoxfeld, Rhedebrügge, and Westenborken. In November 1974, the general assembly approved changing the name to "Volksbank Rhede eG," which remains its designation today.

Question 3

Where is Volksbank Rhede headquartered?

Accepted Answer

Volksbank Rhede is headquartered in Rhede, North Rhine-Westphalia, Germany. The main office is located at Gildekamp, where the bank has been situated since 1971. Previously, the bank operated from several locations, including Haus Deitmer (the first office), Haus Geuting from 1931 to 1956, and a building at Hohe Straße 15 from 1956 to 1971.

Question 4

Where does Volksbank Rhede operate?

Accepted Answer

Volksbank Rhede operates in the southwestern region of Kreis Borken in North Rhine-Westphalia. Its service area encompasses the city of Rhede and the Rhedebrügge district in the western part of the city of Borken.

The bank maintains its main branch in Rhede, along with an additional branch in Rhedebrügge and a self-service location. The bank also expanded and modernized its main office in 2019 to better serve its local community.

Question 5

What services does Volksbank Rhede offer?

Accepted Answer

Volksbank Rhede provides comprehensive universal banking services to private individuals and business customers. For retail banking, the bank offers current accounts (Girokonten), debit and credit cards from Mastercard, savings accounts, fixed-term deposits, consumer loans, mortgage financing, and investment products through Union Investment.

For business customers, Volksbank Rhede provides business accounts, business credit cards, working capital financing, business loans up to €100,000, commercial real estate financing, and international payment services. The bank also offers digital banking solutions through its mobile app (VR Banking App) and online banking platform.

As part of the cooperative banking network, Volksbank Rhede collaborates with specialized partners including DZ Bank, R+V Insurance, Bausparkasse Schwäbisch Hall (building society), TeamBank (easyCredit), VR Leasing, DZ Hyp, and Union Investment. In 2014, the bank established the "Miteinander • Füreinander" foundation to support social projects in the region where public funding is insufficient.

Question 6

What makes Volksbank Rhede unique?

Accepted Answer

Volksbank Rhede stands out for its deep local roots spanning nearly 140 years in the Rhede community. The bank maintains a strong commitment to regional development and social responsibility, supporting local schools, sports clubs, and community projects through its foundation established in 2014.

As a cooperative bank, Volksbank Rhede operates on the principle of member ownership, where customers are simultaneously co-owners and beneficiaries of the bank's success. This structure ensures that decision-making prioritizes the interests of local members rather than external shareholders.

The bank's excellent credit rating of AA- from Fitch reflects its financial stability and very high credit quality. Volksbank Rhede is also protected by unlimited deposit guarantee schemes through the BVR Institutssicherung GmbH, providing comprehensive security for customer deposits beyond the standard €100,000 coverage.

Question 7

What type of financial institution is Volksbank Rhede?

Accepted Answer

Volksbank Rhede is a Genossenschaftsbank (cooperative bank), a distinctly German type of financial institution based on the cooperative banking model developed in the 19th century. This institutional form is characterized by member ownership through shares, democratic governance, and a focus on serving local communities.

As a cooperative bank, Volksbank Rhede operates under the German Cooperative Act (Genossenschaftsgesetz) and its own statutes adopted by the members' assembly. The bank's governance structure includes a management board (Vorstand), supervisory board (Aufsichtsrat), and members' assembly (Vertreterversammlung), ensuring member participation in major decisions.

Volksbank Rhede is registered in the cooperative register at the Coesfeld District Court under registration number GnR 193. It functions as a full-service universal bank while maintaining its cooperative identity and commitment to regional economic development.

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About Volksbank Rhede in Germany