Bendigo Bank to close 10 branches, leaving some regional towns without financial services
- Replies 0
The closure of 10 Bendigo Bank branches across Australia by late October will mean the end of in-person banking for residents in five regional communities.
Australia's Finance Sector Union (FSU) says the closures are a "slap in the face" in areas already seeing a decline in services from multiple industries.
It comes after the federal government struck a deal with the big four banks to keep their regional branches open until at least mid-2027.
That deal was made in February 2025 in response to an avalanche of regional bank branch closures since 2017.
In Victoria branches will close in Ballarat Central, Bannockburn, Malop Street in Geelong, Korumburra, South Melbourne and Yarram.
In Queensland branches will close in Malanda and Tully North and in Tasmania Kings Meadows and Queenstown.
Golden Plains Shire Mayor Owen Sharkey said the impending closure felt like deja vu for locals, who were left without a bank for a year between Westpac shutting its branch in 1997 and Bendigo Bank opening in 1998.
"This is the only bank that services not just Bannockburn, but all of our surrounding township, so it's come as a very abrupt announcement," Cr Sharkey said.
"A lot of people are upset with the news … the next closest bank will be back in Geelong."
Bannockburn sits within the Golden Plains Shire, which has one of the fastest growing populations of all regional local government areas (LGAs) in Victoria.
"Whenever I go in you've got four or five people waiting in [the branch], so it's not like it was a completely empty bank," Cr Sharkey said.
"There is a need and want there."
The mayor said it was disappointing that the community was not given more time to adapt.
"Bendigo Bank did a fantastic job with community grants in the area … the community banks would have put in close to a million dollars over that last 20 years," Cr Sharkey said.
"When you lose the likes of a Bendigo Bank it really is a sort of a kick in the guts for the community."
Finance Sector Union (FSU) national secretary Julia Angrisano said the decision to close the branches was "a slap in the face" for those who relied on them.
"This is an incredibly disturbing development and does not bode well for the future of Bendigo Bank's presence in regional Australia," Ms Angrisano 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."
Ms Angrisano said the union wanted to see legislation change to regulate banking as an essential service, as recommended by the Senate inquiry into regional banking that handed down its final report in 2024.
She said the union had written about the issue to local MPs in affected towns, as well as the assistant treasurer and the minister for financial services.
"It is critical that the federal government step in and protect bank workers and customers, given the banks have proven themselves to be incapable of doing anything other than putting profits and shareholders first," Ms Angrisano said.
"To continue delivering for our customers and communities, we must ensure our branches are adequately supported and resourced," the spokesperson said.
The upcoming closure of Bendigo Bank's Queenstown branch in western Tasmania leaves its customers a more than two-and-a-half-hour drive from their nearest branch.
West Coast Council Mayor Shane Pitts told the ABC he was disappointed the news was already out in the community before the council was informed.
"There was a community bank and then that was handed to the Bendigo Bank, which was a few years ago now," Cr Pitts said.
"I was skeptical then that one day this bank would close.
"They assured us that that wasn't going to be the case."
He said even before the announcement of the closure, the branch was not offering a full suite of services and opening hours had been cut back.
"Some of the comments they've [Bendigo Bank] made in the letter to us is about people not using the bank — well you can't use the bank if it's not open," Cr Pitts said.
When queried about the closure of the Ballarat branch, the Bendigo Bank spokesperson said the proximity of other branches was a factor in decision making.
By Olivia Sanders, Stephen Martin and Laura Mayers
Australia's Finance Sector Union (FSU) says the closures are a "slap in the face" in areas already seeing a decline in services from multiple industries.
It comes after the federal government struck a deal with the big four banks to keep their regional branches open until at least mid-2027.
That deal was made in February 2025 in response to an avalanche of regional bank branch closures since 2017.
Numerous Bendigo Bank branches in several states are set to close. (ABC News: Christopher Gillette)
In Victoria branches will close in Ballarat Central, Bannockburn, Malop Street in Geelong, Korumburra, South Melbourne and Yarram.
In Queensland branches will close in Malanda and Tully North and in Tasmania Kings Meadows and Queenstown.
History repeats itself
Bendigo Bank's Bannockburn branch is the last brick-and-mortar bank in the south-west Victorian town.Golden Plains Shire Mayor Owen Sharkey said the impending closure felt like deja vu for locals, who were left without a bank for a year between Westpac shutting its branch in 1997 and Bendigo Bank opening in 1998.
Owen Sharkey says people should have been given more time to come to grips with the bank's decision. (Supplied: Golden Plains Shire)
"This is the only bank that services not just Bannockburn, but all of our surrounding township, so it's come as a very abrupt announcement," Cr Sharkey said.
"A lot of people are upset with the news … the next closest bank will be back in Geelong."
"Whenever I go in you've got four or five people waiting in [the branch], so it's not like it was a completely empty bank," Cr Sharkey said.
"There is a need and want there."
The mayor said it was disappointing that the community was not given more time to adapt.
"Bendigo Bank did a fantastic job with community grants in the area … the community banks would have put in close to a million dollars over that last 20 years," Cr Sharkey said.
"When you lose the likes of a Bendigo Bank it really is a sort of a kick in the guts for the community."
Union calls for regulation change
Bendigo and Adelaide Bank Limited reported a statutory net profit after tax of $216.8 million for the half year ending December 2024.Finance Sector Union (FSU) national secretary Julia Angrisano said the decision to close the branches was "a slap in the face" for those who relied on them.
"This is an incredibly disturbing development and does not bode well for the future of Bendigo Bank's presence in regional Australia," Ms Angrisano 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."
Julia Angrisano says the closures could be a grim sign of what's to come. (ABC News: John Gunn)
Ms Angrisano said the union wanted to see legislation change to regulate banking as an essential service, as recommended by the Senate inquiry into regional banking that handed down its final report in 2024.
She said the union had written about the issue to local MPs in affected towns, as well as the assistant treasurer and the minister for financial services.
"It is critical that the federal government step in and protect bank workers and customers, given the banks have proven themselves to be incapable of doing anything other than putting profits and shareholders first," Ms Angrisano said.
Bendigo Bank responds
A spokesperson for Bendigo Bank said the company was "proud of its regional heritage" and maintained more branches per customer than any other Australian bank."To continue delivering for our customers and communities, we must ensure our branches are adequately supported and resourced," the spokesperson said.
The upcoming closure of Bendigo Bank's Queenstown branch in western Tasmania leaves its customers a more than two-and-a-half-hour drive from their nearest branch.
West Coast Council Mayor Shane Pitts told the ABC he was disappointed the news was already out in the community before the council was informed.
"There was a community bank and then that was handed to the Bendigo Bank, which was a few years ago now," Cr Pitts said.
"I was skeptical then that one day this bank would close.
"They assured us that that wasn't going to be the case."
He said even before the announcement of the closure, the branch was not offering a full suite of services and opening hours had been cut back.
"Some of the comments they've [Bendigo Bank] made in the letter to us is about people not using the bank — well you can't use the bank if it's not open," Cr Pitts said.
When queried about the closure of the Ballarat branch, the Bendigo Bank spokesperson said the proximity of other branches was a factor in decision making.
By Olivia Sanders, Stephen Martin and Laura Mayers
