The National Australia Bank has announced its branches in Culcairn, Lockhart and Euroa will close in June, while Myrtleford’s branch will have its hours reduced.
The move would leave Culcairn as a one bank town, without any of the big four.
General manager retail Paul Juergens said the way customers banked in the Riverina had changed.
“Increasingly we find that our customers are banking at other branches, or prefer to do their banking online, on the phone, or through our mobile app,” he said.
“In the locations we are closing, more than 80 per cent of our customers are also using our other NAB branches in the area.
“Importantly, we are continuing to support the Riverina and surrounding areas, including a $1.6 million investment into other branches in the area as well as through local sponsorships.”
Mr Juergens said customers affected by the closures could continue to do their banking at Australia Post offices, including making deposits up to $10,000 cash or withdrawals up to $2000 per day.
Mr Juergens emphasised NAB wanted to continue to help customers with their banking and will be explaining their options.
He said NAB was working with our local branch employees to discuss their next steps.
“When we make changes to our branches, we make every effort to find opportunities for our local teams at other branches in our network, and often this is possible,” he said.
“If we can’t find opportunities, we help our employees through The Bridge, our industry leading program where employees are provided up to six months of career coaching as they decide what’s next for them – whether that be retirement, pursuing a new career or starting a small business.”
Earlier in the month NAB refused to confirm the closures after Finance Sector Union forshadowed the closure.
Acting Victoria secretary Bill Karambatsos said despite reporting $6.64 billion in profits, NAB had closed more than 50 branches in the last 18 months, mostly in regional communities.
“Each time a branch closes, if it’s a tiny branch there might be one job loss, if it’s bigger two to four, more if staff are part-time,” Mr Karambatsos said.
“We know small towns are struggling and there is a real impact when you remove an essential service from the community.
“Once you see institutions like post offices or banks closing, the township fades away in our experience.”