Oakville's third annual Bank Bed Challenge is officially underway.

The kickoff was held Wednesday at Town Hall -- and after a month of fundraising -- the challenge will culminate with local banks racing hospital beds along the downtown Oakville strip on Sunday, May 4 at 9 a.m.

They'll be out to take home awards for race winner, top fundraiser, spirit and more.

The Oakville Hospital Foundation will be out to add beds to the local hospital -- Oakville-Trafalgar Memorial Hospital (OTMH) that's operated under the umbrella of Halton Healthcare Services (HHS).

At $12,000 for the average acute care hospital bed, it's a tall order, according to foundation chair Mages Shorey.

But with just about everyone in town on board, the foundation is hoping to raise $100,000, according to Mike Bartlett, the foundation's director of community giving.

"Racing a hospital bed seems like a pretty wacky idea for a banker," said Bartlett at Wednesday's kickoff that drew a full crowd representing the 40 branches of Oakville's six banks (Scotiabank, TD Canada Trust, RBC, HSBC, BMO and CIBC) that take part in the race.

Indeed, the race event originated with former Scotiabank president and Oakville Hospital Board member Bruce Birmingham, who saw the bath tub race local students used to do for the United Way of Oakville and figured bankers could do the same for the hospital.

And they can.

That's when the foundation contacted Sheridan College Institute of Technology and Advanced Learning for assistance.

"The students at Sheridan specialize in turning wacky ideas into good results," said Bartlett.

Sheridan's corporate communications program turned development of the initiative into a case study exercise for its special events class -- and Oakville's Bank Bed Challenge was born.

In the first year, five banks raised $82,000. Last year, six banks raised $100,000.

Over two years, the race has financed the purchase of 14 new hospital beds.

Over the next month, local bank employees will join race teams, seek to get donations from friends and customers, sell cut-outs at their respective banks, dream up team names, dress up their hospital bed racer and plan to win this year's challenge.

On the Thursday, just before race day, pie tosses -- at local bank managers -- will help accentuate team spirit and boost fundraising.

"There are only six people in this room who are not smiling," said Bartlett.

And while representatives of each banking institution took to the podium to give their take on the challenge -- which led to discussion of team recruitment of "beefy males" and "good-looking men," Bartlett resisted giving out his own email address and stressed all information about the challenge can be found at www.bankbedchallenge.com.

"You haven't lived until you've seen six bankers pushing hospital beds at mach speed down Lakeshore," said Bartlett.

Race day is Sunday, May 4. The race is at 9 a.m.

Many banks are hoping as many customers as employees and their families will be out to take in the fun that includes entertainment, activities and refreshments.

The race starts at the intersection of Lakeshore Road and Navy Street, and winds up at George Street. Following the race, an awards ceremony will be held in Town Square.

"Our goal is to state that Scotiabank will take the title. Goal No. 2 is that Scotiabank will win the fundraising campaign," said Kerith McLeod.

Mind you, all of the other bank representatives in attendance were equally confident. Some wore their bank's t-shirts; some, like those from TD Canada Trust came armed with clappers -- to add to their own cheering section.

With limited provincial government funding for equipment, community support is essential to OTMH to maintain and improve the level of quality healthcare services that Oakville residents expect and deserve. The foundation raises more than $8 million annually to support the essential medical equipment needs at OTMH. For more information on fundraising programs visit www.oakvillehospitalfoundation.com.

"The Oakville-Trafalgar Memorial Hospital depends on the generous support of our community members to bring Oakville residents the quality healthcare they expect and deserve," said Shorey.

"We commend Oakville's banks for setting an example that other Oakville businesses can aspire to in making a positive difference to the health of our community," Shorey said.

To help with the kickoff, Sheridan's Student Business Council hosted an Operating Room carnival day Wednesday complete with crutch races, a 50/50 draw, jelly bean count and a dress the dummy competition.

All proceeds, along with some of those from a pub night and a pie toss at staff near exam week will go to the Bank Bed challenge.

"This is a great opportunity for Sheridan to showcase its talent and generosity while supporting the local community through the Oakville-Trafalgar Memorial Hospital," said Erika Janovich, president of Sheridan's Student Business Council.

Visit your local bank branch or www.bankbedchallenge.com to support this year's Bank Bed Challenge.