The branch will relocate to the Westpac branch in Koroit Street in October.

Westpac Group chief customer engagement officer Ross Miller said no jobs would be affected by the move.

"To continue to invest in and support many regional areas, Westpac Group have introduced a new branch model that will see us have two bank brands in one location," Mr Miller said.

"This will help us retain a face-to-face service and connection to the community at a time when customers are choosing to visit branches less and less."

Mr Miller said the model has been successfully providing service for both Westpac and BankSA customers in Renmark, South Australia as well as Darwin and Alice Springs in the Northern Territory.

"We are very pleased to expand this service to a further eight regional locations, including Warrnambool," he said.

"We recognise the important service our bankers provide to the community in Warrnambool, and we want to maintain this for both our Bank of Melbourne and Westpac customers.

"This new multi branded 'two bank ' branch will allow both brands to work alongside each other to serve our customers."

The future of the Bank of Melbourne's current branch, located at the historic T&G Corner, has not been disclosed.

The news comes a year after the bank had the T&G Corner sign recreated as an exact replica after it had been hidden from view for 50 years.

The art deco T&G Corner sign was uncovered in 2019 when the Bank of Melbourne started carrying out works to the awning.

Attempts were made to bring the original sign back to life, but it was decided it was too damaged to repair.

The T&G Mutual Life Assurance Company was an insurance company that operated in Australia and New Zealand.

The Temperance and General company was founded in 1876 and the Warrnambool sign was erected in about 1940.

It was renowned for constructing a series of landmark buildings in cities and towns in the interwar period.

The Warrnambool sign was designed by architects A & K Henderson in 1940.

A number of bank branches in regional areas have closed in recent years.

Cobden's NAB branch will close at the end of April, ending more than 130 years of banking in the town.

A NAB spokesman said the number of people visiting the branch was continuing to decline.

Listen to the latest episode of our weekly podcast The Booletin and Beyond:

Have you signed up to The Standard's daily newsletter and breaking news emails? You can register below and make sure you are up to date with everything that's happening in the south-west.