Bendigo Bank has announced the closure of 10 branches across three states, impacting five regional communities that will lose their last local banking services. The branches slated for closure include six in Victoria, two in Queensland, and two in Tasmania, with the shutdowns commencing as early as August 1 and scheduled to wrap up by October 31.
The closures were attributed to changing customer preferences, declining business activity, and rising operational costs. Chief Executive Richard Fennell explained that this decision was not taken lightly, stating it was a last resort as the bank aims to adapt to the evolving needs of its 2.7 million customers while maintaining its unique community identity.
Bendigo Bank is currently looking into redeployment opportunities for the approximately 30 affected staff members. The Finance Sector Union’s National Secretary, Julia Angrisano, has urged Fennell to reconsider, voicing concerns for the communities affected — Bannockburn, Korumburra, and Yarram in Victoria, Malanda in Queensland, and Queenstown in Tasmania. She highlighted that these towns will lose their only banking branches, which raises questions about Bendigo Bank’s commitment to regional Australia.
The closures are expected to hit hardest in Victoria, where significant branches in Geelong, Ballarat, and South Melbourne are affected. Angrisano described this development as distressing and reflective of a shift towards a more corporate approach that undermines the bank’s commitment to its regional heritage.
In defence of the closures, Fennell highlighted that Bendigo Bank maintains more branches per customer than any other Australian bank and has the second-largest regional branch network. He reiterated the importance of sustaining a well-resourced branch network to serve their customers and communities effectively.
The specific branches closing are:
– South Melbourne on August 1
– Malop Street Geelong on August 1
– Bannockburn on September 25
– Yarram on September 26
– Korumburra on August 29
– Ballarat Central on October 31
– Malanda on September 26
– Tully North on September 26
– Kings Meadow on August 1
– Queensland on September 26
These closures reflect broader trends in the banking sector, where many institutions are pivoting towards online services, impacting the accessibility of financial solutions in regional areas.