The Commonwealth Bank of Australia (CBA) has committed to keeping all regional branches that are currently operating, including those in Condobolin and Lake Cargelligo, open until at least the end of 2026.
While this moratorium was welcomed by Lachlan Shire Deputy Mayor John Medcalf OAM, he said there was no certainty to what may happen after the 2026 deadline.
“As we know, the National Australia Bank (NAB) closed its branch in Lake Cargelligo on Thursday, 24 August and that was extremely disappointing,” he explained.
“It was disappointing not only for the community of Lake Cargelligo, but for the Lachlan Shire Council as well.
“I understand the CBA has committed to a Moratorium on regional bank closures until the end of 2026 – but there is no guarantee beyond that what the level of services in our local communities will be – and that is disconcerting to say the least.”
In light of the decision by NAB in Lake Cargelligo, Lachlan Shire Councillors resolved to investigate the alternative banking options available for Lachlan Shire at its August meeting.
In a Mayoral Minute (August 2023), Mr Medcalf wrote: “It is very disappointing that the NAB branch in Lake Cargelligo is closing this month (August 2023). These institutions are the fabric of our society, and they help to keep our communities together. We seem to be losing that one-on-one connection with everyone seeming to become just a number. I would like to support the Lake Cargelligo community by writing a letter, on their behalf, to the NAB General Manager expressing our displeasure at the closing of the branch and all other branches in regional NSW.”
A motion was moved by Deputy Mayor Councillor Paul Phillips and seconded by Councillor Dennis Brady that: “Council investigate possible alternative banking services for Lachlan Shire Council and report back to Council within three (3) month’s time.” The motion was put to a vote and was unanimously carried.
Council also resolved to send a letter to the General Manager/CEO of the NAB expressing their disappointment and concern at the closure of the Lake Cargelligo NAB bank branch and other branches in rural and regional communities.
Warren Shire Council has committed to stop using the services of the NAB, as a response to them closing branches in Warren, Gilgandra, and Wellington.
Warren Shire Mayor Milton Quigley called the branch closures “short-sighted”, after the Council lobbied hard to get the NAB to maintain a local presence. Warren Shire then made the decision to switch to the CBA, as it was the only one of the four major banks to remain in town.
In February 2023, CBA was the first major bank to commit to keeping regional branches open for the rest of the year.
“We recognise the way people are banking is changing, with more customers adopting the benefits offered by digital and phone-based services,” Retail Banking Services Group Executive, Angus Sullivan, said.
“Through this time of change we want to support customers in regional areas who prefer banking in branch and so we will maintain our existing face-to-face services in these communities.
“This announcement ensures CBA continues to offer the largest branch network in Australia, providing customers across the country with a wide range of flexible banking options and locations.
“We look forward to working closely with regional communities over the next three years to refine how we better support and familiarise them with all the CBA banking services available.”