The agency is due to close at noon on Monday, May 29.
Financial support of the Stanhope community is conditional on membership of the Rushworth-based community bank and for several years the partnership has produced significant financial support for the town.
Several Stanhope organisations, at the behest of community leaders, became members of the Community Bank Rushworth and District to enjoy the benefits of the community banking model.
The model exists to return 80 per cent of its profits to the community and, in Stanhope’s case, that has seen more than $100,000 in contributions to a variety of organisations.
Stanhope Football Netball Club president Jason Leocata said his club would be maintaining its membership with the Community Bank Rushworth and District, which had been a long-time partner of the club.
The club, along with neighbouring Girgarre Football Netball Club, Stanhope-Girgarre Rail Trail, Gargarro Botanic Garden, Stanhope Recreation Reserve, Stanhope’s bowls and tennis clubs, the pool and Stanhope About Town group have all been financially supported by the community bank.
Almost annual reviews of the Stanhope agency have revealed a gradual decrease in the amount of business and the Rushworth board has finally made the decision to close the agency.
With little to no increase in lending from the Stanhope township, the agency has become more of a glorified automatic teller machine, according to the board.
The board is encouraging people to remain members and use the post office just a couple of hundred metres from the bank to complete their banking
Community bank members who have a seniors or concession card can bank for free at Australia Post.
There are fees associated with using Australia Post for business banking, but those may be less significant than travelling out of Stanhope to complete financial transactions.
The Community Bank Rushworth and District started out at the Stanhope Business Centre before relocating to the supermarket.
It has strongly encouraged people to bring their banking across to the Stanhope agency in order to keep the service operating.
But while the Rushworth customer base has grown, Stanhope membership has reduced
The board has decided the Stanhope model is not sustainable and with so many people doing their banking online, that was the future for the town’s community bank members, along with the Australia Post facility.
COMMUNITY BANK RUSHWORTH AND DISTRICT STATEMENT
In a statement last week, Community Bank Rushworth and District company secretary and spokesperson Michelle Baker said:
“There is no longer the level of support or necessary ratio of lending and deposits required from the community to continue to operate a face-to-face banking service in Stanhope.
“Community Bank Rushworth and District recently celebrated our 20th anniversary and will continue to invest for the future. More than $1.5 million has been returned to the local community to fund scholarships, local schools and sporting clubs and more than $100,000 directly returned into the Stanhope community, just by local people doing their banking with us.
“In the last financial year alone, $41,000 in total sponsorships has supported the Girgarre Moosic Muster, Rushworth Easter Heritage Festival, schools, kindergartens, sports clubs and recreation reserves for the benefit of the community.
“We acknowledge that the decision to close the Stanhope agency has disappointed some people and would like to take this opportunity to thank customers for their support of Bendigo Bank and to look forward to continuing to meet local banking and financial service needs as we fulfil our vision to be Australia’s bank of choice.’’
