Who is... Bendigo Bank

You’ve heard the name but you don’t live in Bendigo and are not sure if they 1) offer the products you need or 2) let non-Bendigo-ians join up. If you’d like to know a bit more about Bendigo Bank, here’s the scoop.

Goldrush history 

In 1858 the state of Victoria was experiencing a gold rush and a building society was started. To improve conditions in the Bendigo goldfields, the company was formed as a fixed-term building society, which assumed the name Bendigo Mutual Permanent Land and Building Society after restructuring in 1858, and was incorporated as The Bendigo Building Society in 1876. Throughout the next century, the firm acquired a number of building societies, as well as undergoing a number of mergers, until receiving a listing on the Australian Stock Exchange in 1993. After a number of other acquisitions, the Bendigo Building Society (BBS) became the Bendigo Bank in 1995. It acquired the First Australian Building Society in 2000 and rejected a takeover proposal from the Bank of Queensland in 2007. Bendigo Bank currently operates around 300 branches, mostly located in the states of Victoria and Queensland.

Community banks 

The head offices for the bank are still in the regional Victorian town of Bendigo, although home of the regional headquarters is the Docklands area of Melbourne. The bank operates a franchise program by the name of “Community Bank”, where the locals operate and own the incorporated branch, which is supported financially and administratively by Bendigo Bank. This initiative was started in response to other banks closing their branches in many rural areas, which was causing tremendous hardship to people living and working in more isolated areas. Around half of Bendigo Bank's 300 banks are “Community Banks”. The idea has been well received by Australian consumers (both urban and regional dwellers) and has added tremendous credibility and good will to the name of Bendigo Bank Australia-wide. The bank has a reputation for pioneering new banking concepts and products – its latest offering is a “Green Generation Loan” intended to assist people to make their homes more environmentally sound (for example, a loan to help fund the purchase and installation of a rainwater tank).

Bendigo Bank products and services 

Bendigo Bank offers many services comparable to the major banks in Australia. Bank accounts and credit cards, as well as home and personal loans including “Generation Green Loans” are all available. Different kinds of investments and insurance are also offered. The Bendigo Bank has also made efforts to appeal to the business market, with services for business customers including cash management, equipment financing, agri-business and margin lending, plus basics such as international trade options and foreign exchange, business credit cards and insurance.