Tuesday, October 3, 2023

Newstead Bank closes

Recent stories

Viv Markham, Tarrangower Times

The news out of Newstead was not good last week, with the announcement that the Newstead branch of the Community Bank Maldon & District will be closing. The last day of business will be on Wednesday 12 July. The Bank branch has been a key service provider at Newstead’s Rural Transaction Centre for the past 20 years or so.

The [Tarrangower] Times spoke with Community Bank Maldon & District Board Chair Ross Egleton about the closure. Mr Egleton said that lack of foot traffic led to the Board’s decision to shut the branch. “The transactions per day were simply too low to maintain the viability of our service in Newstead,” he said. “The decision has not led to any job losses.”

According to Mr Egleton, the Bank will still be maintaining a strong involvement with community organisations in Newstead and beyond. In the past 13 years, the Bank has contributed over $340,000 to 35 Newstead community groups.

Major beneficiaries of the Bank’s community banking program include: Newstead Recreation Reserve ($65,000), the Newstead RTC ($52,000), Newstead Primary School ($50,000), Newstead Fire Brigade Group ($40,000) and the Newstead Football Netball Club ($26,000).

The closure of the branch limits Newstead residents’ banking options to the local post office, while there are ‘cash out’ facilities at the Newstead IGA. As for business owners, they may need to travel to Maldon or Castlemaine to deposit their takings.

Mr Egleton emphasised the fact that the Bank continues to be a profitable enterprise across the Maldon and Dunolly branches. Opening its doors in Maldon in 1999, the Bank was one of the first Bendigo Bank community models to be set up and has provided a full range of banking services in the region since that date.

Tarrangower Times 30 June 2023

This article appeared in the Tarrangower Times, 30 June 2023.


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