Bendigo bank will close 10 branches across three states from August this year, leaving some regional communities with no choice but to use online banking or travel to other areas to access a bank teller in person.
The bank said the decision came following a review of customer preferences and costs.
‘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 2.7million customers,’ Bendigo Bank CEO Richard Fennell said.
In Victoria, branches in Ballarat Central, Bannockburn, Malop Street in Geelong, Korumburra, South Melbourne, and Yarram will close.
In Queensland, the bank will close branches in Malanda and Tully North.
In Tasmania, the Kings Meadows and Queenstown branches will shut.
It comes after the Albanese government made a deal with the big four banks to maintain their regional branch network until at minimum mid-2027.
Almost 36 per cent of regional bank branches have closed since 2017.
Bendigo Bank will close 10 branches across Australia, with five regional communities left without an option for in-person banking
The Bendigo Bank branches in Yarram, Korumburra and Bannockburn, Victoria; Malanda, Queensland; and Queenstown, Tasmania are the last remaining in-person banks in each town.
Federal MP for Monash Mary Aldred said it was a ‘terrible outcome for the Korumburra community’.
She and several other community leaders in the affected regions have expressed their ‘strong opposition’ to Bendigo Bank and its CEO, Mr Fennell.
In February, Bendigo and Adelaide Bank Limited recorded statutory net profits after tax of $216.8million in the half-year ending December 2024.
Julia Angrisano, national secretary of the Finance Sector Union, said the closures were a ‘slap in the face’ for regional customers.
‘This is an incredibly disturbing development and does not bode well for the future of Bendigo Bank’s presence in regional Australia,’ she said.
‘For a bank that proudly has its regional centre hometown as part of its name and is fondly known for its community branch network, this decision feels very “big bank” for all the wrong reasons.’
She called on policy makers to do more for bank workers and consumers.
The closure of regional branches was labelled a ‘slap in the face’ for affected communities
Regional communities like Korumburra (above) will be left without any in-person bank branches
‘It’s been almost 14 months since the Senate Inquiry into regional banking handed down its report calling for banking to be regulated as an essential service, especially to protect regional communities,’ she said.
‘We’ve written to the local MPs in the regional communities affected by this closure asking them to stand up for these branches, and the workers who staff them.’
An estimated 32 full time staff are employed between the 10 regional branches.
Branches will close between August 1 to October 31.
The bank directed customers to use their online and mobile services, or conduct their banking through the post office.
‘Customers can continue to transact as normal at any Bendigo Bank branch, ATM or at any time via internet banking, our mobile app or by phone,’ it stated.
‘Customers can also choose to bank in-person using Bank@Post at any of the 3,500 Australia Post outlets across Australia.’
