Three bank branch closures in Ingham prompts interest in community bank

The ANZ branch closed in April 2018, followed by the Suncorp bank closure in August of the same year, with the most recent shuttering, by the Bendigo bank coming in June this year.

Ingham's Commonwealth Bank branch is one of 90 across Australia that began closing early in July.

The 2018 announcements sparked outrage across the district, with Mayor Raymon Jayo calling for businesses to move their banking to financial institutions that had shown loyalty to the town.

Hinchinbrook Chamber of Commerce president Rachael Coco said any decision to form a community bank could only be made following extensive consultation that considered community needs, customer banking habits and other local stakeholder requirements.

While the chamber, the shire council and the Herbert River Canegrowers have engaged in preliminary discussions to better understand the community banking model, each of those has said that it will not be taking a lead role in the initiative while other banks continue to provide services and employment opportunities in the shire.

Cr Jayo said he would be prepared to attend any community meetings that may be organised to explore options and discuss the feasibility of a community bank but has declined to be directly involved in the process.

He said it was up to the community, not council, to decide whether there was sufficient interest for a community bank as it was critical that it be generated and driven by the community and not by any particular industry or organisation within the community.

Ms Coco said the chamber was approached to investigate the community banking model following the closure of Bendigo Bank in June, but it had been identified that community driven demand and support were fundamental to the success of the model.

"Chamber itself was impacted by the closure of Suncorp in 2018 and again when Bendigo closed in June this year, so we're empathetic to the community's concerns, but we recognise that community engagement is critical to assess the level of community support required for commercial viability" she said.

"We realise that the closure of three local banks in four years is devastating, especially with our aging demographic, and we know that the decision to reduce hours at other local banks is challenging, but we won't be spearheading this type of initiative, rather facilitating the process so that the community can make up its own mind."

An Expression of Interest will be released shortly, calling for applications from interested parties to form a steering committee to take the steps to complete community consultation before progressing further.

Anyone who is interested in becoming part of the steering committee is encouraged to keep an eye of chamber's website and Facebook page or contact president Rachael Coco on 0414 698 610 or by email to admin@hinchinbrookchamber.com.au.

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