Just two years after local towns of Barham and Cohuna had their Bendigo Bank agencies ripped from their clutches the Better Big Bank is at it again.

In 2024 the Bendigo Bank reported a net profit, after tax for 2024, of a meagre $545.0 million, up 9.7 per cent.

At the time, former Cohuna local, Marnie Baker, CEO and Managing Director said, “These full year results demonstrate the strength, capability and differentiation of our Bank. We remain as focused as ever on delivering sustainable growth over the long term, sequencing our investments in key growth areas to leverage the strong pipeline of demand for our products and continue to improve shareholder returns”.

Despite such a strong position a total of 28 agencies across NSW, Victoria, Queensland, South Australia and Western Australia will cease operating from October, while 10 branches in Victoria, Queensland and Tasmania will shut their doors from August.

The agency model, established more than 30 years ago, allowed Bendigo to offer “limited banking services via third parties in areas where there was not enough customer demand to sustain a branch”.

“Following a review, Bendigo Bank has concluded that its agency model can no longer be supported due to decreasing customer use and other relevant factors and will be retired from October 2025,” the bank said in a statement.

Council acknowledges community concerns over Bendigo Bank withdrawal

One of the affected agencies in the bank’s latest round of closures in rural communities is Mathoura.

Murray River Council mayor, Cr John Harvie said council is disappointed with the decision, but will work with Bendigo Bank to support Mathoura customers as they transition to alternative banking arrangements.

“Council acknowledges this may present some challenges for the community.”

“We will be working with Bendigo Bank to understand the transition process and to help ensure our community is aware of alternative banking options moving forward.”

Bendigo Bank has issued a letter to local customers, detailing alternative banking methods, including Bank@Post via local Post Offices.

“We encourage residents to reach out to the bank to discuss their individual banking needs during this change,” Cr Harvie said.

“Overall, this is disappointing for everyone, with small towns once again copping the brunt of cost-cutting decisions.”

The Council has indicated that it will continue to work with Bendigo Bank to advocate for the ongoing delivery of its community support and sponsorship programs within the Mathoura community.

Australian banks remain highly profitable in absolute terms, with the “Big Four” (Commonwealth Bank of Australia, National Australia Bank, ANZ, and Westpac) reporting combined after-tax profits of approximately $29.9 billion in fiscal year 2024.

Is it time for a publicly owned bank again?

This article appeared in The Koondrook and Barham Bridge Newspaper, 31 July 2025.