Bendigo Bank has announced it will close 10 branches across Victoria, Queensland, and Tasmania, leaving five regional communities without any local banking services.
The closures, which include six branches in Victoria, two in Queensland, and two in Tasmania, will begin as early as August 1 and are expected to be completed by 31st of October .
The bank attributed the decision to changing customer preferences, declining business activity, and rising operational costs.
Bendigo Bank CEO Richard Fennell described the closures as a last resort, emphasizing the need to balance physical branch presence with investments in digital services for its 2.7 million customers.
The bank is working with affected staff, exploring redeployment opportunities; about 30 employees are expected to be impacted.
Finance Sector Union National Secretary Julia Angrisano has urged the bank to reconsider, warning that the closures will leave communities such as Bannockburn, Korumburra, Yarram (Victoria), Malanda (Queensland), and Queenstown (Tasmania) without any bank branches.
Angrisano expressed concern over the impact, especially in Victoria where branches in Geelong, Ballarat, and South Melbourne will close, calling the move “an incredibly disturbing development” that undermines Bendigo Bank’s regional commitment.
Fennell countered by highlighting that Bendigo Bank still operates more branches per customer than any other Australian bank and maintains the second-largest regional branch network nationwide.
He reiterated the bank’s pride in its regional heritage and stressed the importance of ensuring branches are well-supported to serve customers and communities effectively.
