‘Not feasible': Bank axes more branches
Bendigo Bank will axe nine regional branches and one in Melbourne from early August to late October.
The bank said it was 'proud of its regional heritage' but pointed to fewer people using the branches and higher business costs as reasons to shut the doors.
In February, the federal government struck a deal with the big four banks (ANZ, NAB, Commonwealth and Westpac) to not shut any more regional branches until mid-2027, as about one-third of regional outlets have closed since 2017.
'To preserve what makes our bank unique, we must balance our physical network presence with the need to continue investing in the changing preferences of our 2.7 million customers,' Bendigo Bank chief executive Richard Fennell said. The regional closures are accompanied by one closure in Melbourne. NewsWire / Roy VanDerVegt Credit: News Corp Australia
Bendigo ran the most branches of any bank in the country per customer, Mr Fennell said, plus the second-largest regional network and third-largest overall network across the country.
'We are proud of our regional heritage and in order to continue delivering for our customers and communities, we must ensure our branches are adequately supported and resourced,' he said.
Branches at Malop St in Geelong, the South Melbourne branch and Kings Meadows in Tasmania will shut on August 1. Korumburra in South Gippsland will shut on the last Friday in August.
Bannockburn and Yarram in regional Victoria will shut in late September, as will Malanda and Tully North in Queensland, and Queenstown in Tasmania.
Ballarat Central will be the final of the 10 to shut, on October 31. Many of the closures leave towns without a branch, but residents can bank at Australia Post outlets. NewsWire / Christian Gilles Credit: News Corp Australia
The bank said it was 'actively exploring' opportunities to find its workers new jobs within the company.
The closure leaves Korumburra without a physical bank in a town of just less than 5000 people; residents will have to drive 15km to the next town to see and speak to a teller.
It is a similar story for Bannockburn's 6400 residents, but they will need to drive more than 20km into Geelong.
Malanda residents are being presented with a similar scenario, with the closest bank branch in the next town 20km away.
Bendigo Bank said customers could still bank at any one of 3500 Australia Post stores.
Federal Liberal MP Mary Aldred represents the seat of Monash and the town of Korumburra.
'For many of my constituents, including older Australians, people with a disability and small business owners, face-to-face banking remains essential,' she wrote in a letter to the Bendigo Bank boss.
'Travelling to another town to access a branch is just not feasible for many of your customers.'
Ms Aldred urged the bank boss to reconsider the closure and talk to Korumburra residents about the effects.
'The branch is the last remaining bank in Korumburra. The closure will leave the Korumburra community … (with) serious disadvantages for residents and businesses alike,' she said.
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