Two nearby towns will see the last of its bank branches shut this year, with the Commonwealth Bank announcing the closure of its Portland and Blackhealth storefronts.
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The Commonwealth Bank will close its Blackheath branch on October 12, leaving the town without a bank.
Portland will follow suit in November.
The Portland community took to social media to vent its shock at the closure, which was announced on Friday, August 31.
The notice stated that the CommBank Portland branch would permanently close on Friday, November 23. Banking facilities would instead be offered through the Portland post office.
In a statement to the Lithgow Mercury, a Commonwealth Bank spokesperson said the branch had seen a 34 per cent decline in transactions over the past five years.
“We regularly review our branch locations right across Australia. This helps us make informed decisions on where to open new branches, where to renovate and upgrade existing branches, and where to close branches that are not being used as much as they once were,” the spokesperson said.
“Following a recent review, we have made the difficult decision to close our Portland branch and understand that some members of the community will be disappointed.”
The spokesperson cited the increasing use of “other banking channels” including online and phone banking services as the reason for the downturn.
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Blackheath resident John Collis was furious at the news of his branch’s closure.
“It’s supposed to be the people’s bank but it isn’t doing anything much for the people,” he said.
“I have been with them for 30 years. It now leaves no bank between Lithgow and Katoomba.”
Mr Collis had already been to the Family First Credit Union in Blackheath to open an account there, he said.
President of the Blackheath Chamber of Commerce, George Vergotis, said it was a “devastating loss” for Blackheath and surrounding districts.
“Mount Victoria, Medlow Bath and Megalong Valley – they all used Blackheath branch as their main bank. Then you have the elderly people with their mobility issues.
“It’s a classic case of corporate greed outweighing the needs of the community,” he said.
Simon Smith, from the Megalong Tearooms, was another customer who will have to go elsewhere.
“It’s a big town to have no bank at all,” he said.
“They work on the premise that the post office can take deposits but how long is the post office going to last?”
A bank spokeswoman said there had been a 39 per cent decline in transactions at the branch over the last five years. She apologised for “any inconvenience” caused but said the ATM would remain and referred customers to online banking or the post office.
More to come.