Bendigo Bank has announced it will shut down ten of its branches next month, including six in Victoria, two in Queensland, and two in Tasmania.
Chief Executive Officer Richard Fennell said the decision to close branches is “only ever a last resort,” but essential to ensure the bank remains responsive to changing customer behaviour.
“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.”
Fennell said the closures are part of a broader strategy to maintain the bank’s regional identity while adapting to digital banking trends.
“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 2.7 million customers,” he said.
The bank said it is working to redeploy affected staff where possible and provide support to impacted customers.
“Our aim is to ensure that each remaining branch is adequately resourced and supported so we can continue to serve our communities effectively,” Fennell said.
Community Leaders Demand Answers Over Closure
The planned shutdown of the Yarram branch on Sept. 26 has triggered a strong response from local representatives.Wellington Shire Council Mayor Scott Rossetti, Federal Member for Gippsland Darren Chester, and State Member for Gippsland South Danny O’Brien have written to Bendigo Bank requesting an urgent meeting with senior management.
Rossetti said the decision was both “utterly disappointing and disrespectful.”
“This decision was made behind closed doors, with no opportunity for our community to be heard,” he said.
In their joint letter, the three leaders raised serious issues, including the lack of transparency, mixed messages from bank executives, and the fact that Yarram’s branch is reportedly profitable—and the only remaining bank in town.
They warned of the serious consequences for elderly residents, people with disabilities, small businesses, and community groups.
The letter also called on the bank to clarify the findings of its internal review and whether any analysis had been done to assess broader social and economic impacts.
“We have a duty to stand up for our residents and fight for essential services in our towns,” they said.
“We’re not backing down. We are calling on Bendigo Bank to meet with us, listen to the community, and reconsider this damaging decision,” he added.
The Finance Sector Union has also called on Bendigo Bank to reverse its decision to close 10 branches, warning the move will jeopardise 32 full-time equivalent jobs and essential banking services in local communities.
In a letter to CEO Fennell and politicians, the union said only a full reversal would protect affected staff.
“To close 10 branches, five in regional communities with no other bank branch, is a slap in the face from a bank which most Australians know as the largest regionally based bank,” said National Secretary Julia Angrisano.
“This is an incredibly disturbing development and does not bode well for the future of Bendigo Bank’s presence in regional Australia.
“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.”
