Bendigo Bank to close five regional Victorian branches

Once the only bank opening branches in country Australia, Bendigo Bank is now planning to close five regional Victorian outlets. Here’s the latest.

Bannockburn, Korumburra and Yarram will lose their only bank branches after Bendigo Bank confirmed it was withdrawing from the three regional Victorian communities.

More than 30 jobs will be lost as Bendigo Bank confirmed the closure of 10 branches nationwide, with Queensland hamlet Malanda and Tasmania tourist village Queenstown also losing their sole bank branches.

Bendigo Bank branches operating at Tully in Queensland and Kings Meadows in Tasmania will also be closed, although both towns still have another functioning bank.

Central bank branches in Geelong’s Malop Street and Ballarat’s Doveton Street will also be shuttered, although Bendigo branches in suburban Ballarat and Geelong remain operational.

Bendigo is not a signatory to the two-year regional bank branch moratorium confirmed by Federal Treasurer Jim Chalmers in February.

Bendigo Bank is closing three Victorian branches. Picture: Paul Jeffers

Wellington Shire councillor Garry Stephens said the closure of the Yarram branch would force residents in his community to drive long round trips to perform simple banking tasks.

“Traralgon is 62km away, more than 45 minutes through hills, kangaroos and wombats,” Cr Stephens said.

“It’s not exactly a quick trip for older residents or time-poor locals.

“If I’m forced to go that far, I might as well go back to one of the big four banks who left town years ago.”

Finance Sector Union national secretary Julia Angrisano said while the closure of any branch was unwelcome, the loss of five in regional communities with no other bank branch was “a slap in the face” from Bendigo.

“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 which 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.”

Bendigo Bank managing director Richard Fennell said the decision to close a branch was

only ever a last resort.

“Bendigo Bank has more branches per customer than any other Australian bank,” he said.

“We operate the second largest regional branch network and the third largest branch network nationally.

“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.”

In February, the National Bank joined Commonwealth and Westpac in committing to a two-and-a-half year moratorium on regional branch closures, brokered by the Federal Treasurer.

As part of an acquisition of Suncorp ticked off by the federal government last year, ANZ also agreed to a freeze on regional bank closures for three years.

Earlier this year, Dr Chalmers said the federal government recognised maintaining face-to-face banking services was essential in rural areas.

“Banks have a responsibility to regional Australia, and we’re making sure that they’re that they are meeting their responsibilities,” the Treasurer said.