Bendigo Bank to Shut Down 28 Regional Agencies by October

Bendigo said it would be winding down the agency model by the end of October this year.

A branch of Bendigo bank in Melbourne, Australia on Aug. 20, 2012. AAP image/David Crosling

Bendigo Bank has announced it will close its 28—largely regional—third-party agencies nationally, citing a lack of use and “other relevant factors.”

Limited services are provided through news agencies and other third parties.

The 30-year-old agency model has allowed banks to reach out further into communities where it is not cost effective to set up a full branch.

However, in a statement on July 22, Bendigo said it would be winding down the model by the end of October this year.

Bendigo Bank’s chief customer officer for consumers, Taso Corolis, outlined the reasons for the decision, pointing to limited use of agency services, “evolving customer preferences,” and an increase in “costs and compliance obligations.”

“Bendigo Bank operates more branches per customer than any other Australian bank and Australia’s second largest regional branch network,” he said.

“We are proud of our regional heritage and are committed to providing face-to-face banking services for our customers.

“To preserve what makes our bank unique, we must prioritise our investments across both physical and digital channels to continue meeting the changing needs and growing expectations of our 2.7 million customers.”

Corolis said customers who were affected by the closure would be supported through the process, which could include directing them to use Bank@Post services.

The closures are listed as follows:

In New South Wales: Lake Cargelligo agency on Oct. 10; Jerilderie agency on Oct. 13; Grenfell agency on Oct. 14; Crookwell, Cowra, Condobolin, and Buronga agencies all on Oct. 16; Mathoura, Blackheath, and Darlington Point agencies on Oct. 17; and Holbrook and Berrigan agencies on Oct. 23.

In Victoria: Welshpool agency will close on Oct. 6; followed by St Arnaud on Oct. 17; Wedderburn, Wycheproof, and Clunes on Oct. 21; Alexandra on Oct. 22; Boort on Oct. 23; and Myrtleford and Marysville on Oct. 24.

In South Australia: Port MacDonnell agency will close on Oct. 3; Kingston on Oct. 10; Cleve on Oct. 17; Tumby Bay on Oct. 21; and Wudinna on Oct. 24.

In Western Australia, the Cunderdin agency will close on Oct. 23.

Finally, in Queensland, the Taroom agency is set to close on Oct. 23.

The announcement comes after Bendigo confirmed it would be shutting 10 branches across three states.

They include Victoria’s South Melbourne, Malop Street Geelong, Bannockburn, Yarram, Korumburra, and Ballarat Central branches.

The remaining branches include Queensland’s Malanda and Tully North, and Tasmania’s Kings Meadows and Queenstown.

CEO Richard Fennell described the move as part of a broader strategy to maintain the bank’s regional network while keeping up with digital trends.