Heritage Bank to open two new branches in New South Wales this year after COVID-19 pause

While other banks around the country are shutting bricks and mortar stores in favour of online banking, Heritage Bank is expanding its services.

Heritage Bank is expanding into NSW.

Toowoomba’s Heritage Bank continues to show up its big bank rivals by announcing plans to open two new branches in New South Wales this year – one at Macquarie Park in northwest Sydney, and one at Tweed Heads.

While the other banks keep on downsizing their total branch numbers, Heritage is maintaining the size of its network by investing in new branches to help provide a personal connection for members, alongside state-of-the art online services.

Heritage opened new branches at Castle Hill and Parramatta in late 2019 to kickstart an interstate expansion program, initially targeting Sydney and then looking to Melbourne.

The COVID-19 pandemic put the expansion plans temporarily on hold, but CEO Peter Lock said the time was now right to resume the program.

“Heritage is bucking the industry trend by opening new branches and maintaining the size of our branch network,” he said.

“At times we may need to change the spread of our branches, but if we close in one area we look to open in another. I firmly believe branches still play an extremely important role in providing customers with the personal connection they’re craving.”

The move into Sydney has been a success for Heritage, despite the impacts of COVID.

Mr Lock said the Castle Hill and Parramatta branches had together attracted a significant number of new members, $30 million in mortgage lending and more than $100 million in deposits in their first year, even though COVID struck soon after opening.

The third Sydney branch would build on that success.

“Similarly, the new branch at Tweed City Shopping Centre will form a cluster with existing Gold Coast branches on the Queensland side of the border, but will open up our ability to target growth in the booming northern New South Wales corridor,” Mr Lock said.

“Our long term plans remain to open more branches in Sydney, and eventually Melbourne as well.”

The Macquarie Park Branch is due to open in late September and the Tweed Heads Branch in mid-October this year.

Originally published as Heritage Bank to open two new branches in New South Wales this year after COVID-19 pause