Why is ANZ closing its Koroit branch?
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According to the bank, a review showed Koroit customers have been increasingly using alternatives ways to bank, mostly online.
At a public meeting last week, an ANZ spokesperson said the Koroit branch had 229 customers with only 51 of those, or 22 per cent, regularly accessing face-to-face services at the branch. Only 19 per cent of the branch’s total transactions are over the counter.
What is the community doing?
It’s fighting. At a public meeting earlier this month, a committee was formed to represent the community. Headed by Moyne Shire mayor Jim Doukas, the committee comprises Alistair Cozens, Sarah McLaren, Chantelle McCutcheon, Bob Shanahan, Pete Tully and Bridget O’Loughlin. This committee convened another public meeting at the Koroit Theatre, which attracted more than 100 people. Also in attendance were representatives from ANZ and Bendigo Bank.
Will one of the big banks come to the rescue?
In short, the answer is no. ANZ has made it clear it will not be reversing its decision. At this stage, none of the other big three banks – National Australia Bank, Westpac or Commonwealth – have given any indication they will be setting up a branch in Koroit.
Will Bendigo Bank be the white knight?
Since the ANZ announcement, the Bendigo Bank and its community bank model has been suggested as a solution.
Bendigo Bank representatives told last week’s meeting the first step toward a community bank branch in Koroit was to raise $800,000. This would have to come from pledges from a minimum of 300 Koroit residents – more than the number of customers ANZ had – at $2666 a head. On top of this, a site would have to be found, a board of directors formed, and a bank built. A similar path was taken to get the Port Fairy & District Community Bank running – a task that took close to six years.
Other options put forward at last week’s meeting by Bendigo Bank representatives included the possibility of the bank opening a part-time customer service centre in an existing Koroit business or having a Bendigo Bank agency set up for basic transactions in an existing Koroit business. But the official line from Bendigo Bank remains this: “At this stage, there are no plans to open a new branch in Koroit.”
Has Koroit always had a bank?
The first bank in the town was built in 1868 when a branch of the National Australia Bank opened. It remained open in the town until closing its doors in July 2002. Its closure coincided with the opening of the ANZ Bank, which is due to close in July.