Bendigo Bank to shut ten branches in communities across Victoria, Queensland and Tasmania starting from August
The bank, which operates Australia's second biggest regional branch network, said the closures will roll out from August 1 until the end of October.
The closures mean some residents in impacted regional areas will be left without a local in-person branch and may need to resort to other methods for their banking, such as going online.
Six Victorian Bendigo Bank branches will close from the start of next month, including locations in South Melbourne, Korumburra and on Malop Street in Geelong.
The Bannockburn and Yarram branches will shut from September 25 and 26 respectively, while Ballarat Central will close on October 31.
In Queensland, both the Malanda and Tully North sites will close on September 26.
Meanwhile in Tasmania, the Kings Meadows location will shut its doors on August 1 followed by the Queenstown branch on September 26.
Bendigo Bank said the decision to close or consolidate the branches was reached following a review of "customer preferences, a reduction in business activity and an increase in costs".
The bank's chief executive officer and managing director Richard Fennell said the choice was not easy, stressing the retailer is committed to delivering services for its regional customers.
"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," Mr Fennell said in a statement.
"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."
Mr Fennell noted Bendigo Bank has more branches per customer than any other Australian bank, and operates the third largest branch network on a national level.
The Finance Sector Union (FSU) has blasted the move, saying the closures will leave some Aussies in regional communities without in-person financial services.
FSU National Secretary Julia Angrisano claimed about 32 full time-equivalent roles will also impacted by the branch closures.
"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, and a supporter of regional communities," she said in a statement.
"Three Victorian communities - Bannockburn, Korumburra Yarram, along with Malanda in Queensland, and Queenstown in Tasmania will lose the last of their local bank branches."
The FSU said it has written to the Bendigo Bank boss, as well as local parliamentary members in a bid to save the branches.
"The largest impact from this decision will be felt in the bank's home state of Victoria with six branches closing including larger regional branches in Geelong and Ballarat, and a suburban branch in South Melbourne," Ms Angrisano said.
"This is an incredibly disturbing development and does not bode well for the future of Bendigo Bank's presence in regional Australia."
Bendigo Bank emphasised it is actively exploring opportunities to support and relocate affected team members.
The FCU has renewed calls for banking to be regulated in Australia as an essential service to protect regional communities, noting a Sentate inquiry into the issue was held just over a year ago.
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