Nationals Member for Lyne, Alison Penfold, has called on Coastline Bank CEO John Yardley to reconsider the decision to close Kendall's banking outlet, effective Friday, June 26.
"When Bendigo Bank withdrew from Kendall in 2023, Coastline stepped in to make sure that the community had access to essential frontline banking services," Ms Penfold said.
"Just three years ago, Coastline said that its decision to come to Kendall was to fill the void, enhance convenience for customers, and foster strong relationships with the community - now they say it's no longer sustainable for them to operate.
"According to its last set of financial statements, Coastline's loan interest revenues continued to grow, and it reported an after-tax profit at a similar level to that of 2023.
"I recognise that some affected customers can undertake some transactions via Bank@Post services at the Post Office, but it's no substitute for complex transactions, account enquiries or when dealing with serious issues like scams.
"The loss of the Kendall branch will force customers to travel over 35km to either the Port Macquarie or Taree branches. This is more than an inconvenience; it's an access barrier, particularly for older and vulnerable customers who rely on in-person banking."
Ms Penfold acknowledged that Coastline has pledged to pay its lease obligations and to continue funding its Community Foundation grants.
"Coastline will hold a community meeting on 11 May 2026 to discuss support for impacted customers and businesses - I encourage the community to come along, voice your concerns and have your say."
Ms Penfold expressed concern about the Albanese Government's lack of action on the Senate inquiry into regional bank closures, despite the final report and recommendations being released in 2024.
"Up until now it has been the major banks that have been closing branches in regional towns. But now we are seeing even regionally focused banks taking similar decisions.
"The Albanese Government must act now, starting with recognition that banking be designated as an essential service - this would put the banks on notice to rethink their approach of customers and branches ahead of profits."
