List of bank branches being closed in Victoria

[Joe Mama]

This is a list of all bank closures in rural Victoria since 1993 by the big 4 (arseholes), although some of these branches were too small and unsustainable, a lot of these closures came about because of pure corporate greed, who closed these branches down so thier share prices (where the CEO's get huge share options), can go up by 5 cents even though these pricks make record profits year after year, or because (like the NAB this week) the banks ****ed up with some dodgy investments overseas, therefore people like us have to cop it because of of a group Gucci wearing, BMW driving, boutique beer swilling, cocaine snorting, private school tossers that run these banks.

THE NATIONAL AUSTRALIA BANK
Anglesea, Apsley, Avoca, Bendigo, Beaufort, Birchip, Charlton, Coleraine, Dimboola, Dookie, Eildon, Elmore, Geelong, Geelong East, Glenthompson, Goroke, Irymple, Kangaroo Flat, Koo Wee Rup, Koroit, Lalbert, Lismore, Merbien, Mortlake, Macarthur, Maldon, Manifold Heights, Nyah West, Patchewollock, Paynesville, Portarlington, Pyramid Hill, Penhurst, Queenscliff, Quambatook, Rushworth, San Remo, Sea Lake, Stanhope, Skipton, Speed, Stratford, Tongala, Toora, Underbool, Voilet Town, Warburton, Warrnabool East, Walpeup, Willaura, Winchelsea.

THE ANZ
Barwon Heads, Beeac, Birregurra, Charlton, Clunes, Cressy, Creswick, Fish Creek, Geelong East, Halls Gap, Hotham Heights, Korong Vale, Loch Sport, Minyip, Mitta Mitta, Mt Martha, Mt Buller, Nandally, Patchewollock, Rosedale, Rupanyup, Rutherglen, Rye, Simpson, Somerville, Strathmerton, Tungamah, Walwa, Warrnabool, Welshpool, Yea

THE COMMOMWEALTH BANK
Avoca, Ballarat, Bendigo, Broadford, Castlemaine, Chiltern, Clunes, Cobden, Corio, Dunkeld, Dunolly, Elmore, Geelong, Gisbourne, Goroke, Grovedale, Heathcote, Heywood, Inglewood, Jeparit, Kangaroo Flat, Lancefield, Lismore, Macarthur, Maldon, Manangatang, Merino, Minyip, Murchison, Murtoa, Nathalia, Natimuk, Norlane, Nyah, Penhurst, Portalington, Puckapunyal, Pyramid Hill, Rushworth, Rutherglen, Sea Lake, Stanhope, Tallangatta, Tongala, Traralgon, Trentham, Violet Town, Wedderburn, Willaura, Winchelsea, Wommelang, Wycheproof, Yackandandah, Yallourn North

WESTPAC/BANK OF MELBOURNE
Apollo Bay, Avoca, Ballan, Bannockburn, Barmah, Beaufort, Beechworth, Beulah, Birchip, Boort, Camperdown, Casterton, Castlemaine, Charlton, Chiltern, Cobram, Colbinabbin, Coleraine, Corryong, Creswick, Culgoa, Dartmoor, Dimboola, Drysdale, Echuca, Edenhope, Elmore, Eskdale, Geelong, Geelong North, Gunbower, Heathcote, Heywood, Hopetoun, Inglewood, Kaniva, Kerang, Kyabram, Kyneton, Lake Bolac, Lakes Enterance, Lancefield, Leitchville, Linton, Lockington, Lorne, Maffra, Manangatang, Minyip, Mooroopna, Murrayville, Murtoa, Nathalia, Nhill, Numurkah, Nyah West, Omeo, Orbost, Rochester, Rokewood, Rupanyap, Sea Lake, Seymour, Shepparton, St Arnaud, Stawell, Tallangatta, Tatura, Terang, Warracknabeal, Warrnabool, Wendouree, Whittlesea, Woodend, Woomelang, Yarram, Yarrawonga.

For those who have bank shares, think about this when you're reading about your share prices, and realise that your windfall came about through suits ripping apart regional areas.

[Joe Mama]

P.S
Thanks to the Weekly Times for coming up with this list.

[CJH]

I guess most of you know that I work for the National.

What has been reported in the papers this week is the first real public face of a program that has been running in the National for close on a year now. The program is known as 'Positioning For Growth'

Under this program, everything and everyone is under review, not just remote, part-time branches. The effects of this review passed through my department in November last year and some 40 people who I worked with were Positioned For Growth.

As much as the public spin attempts to put a reasonable face on it, no one can hide the fact that this is a direct result of some dodgy analysis done when purchasing U.S. Mortgage company, Homeside. In short, the valuation methodology used to price the books of this company overstated it's value by the reported $4 billion.

That is a hell of a lot of money to lose in anyone's book.

What this means is that the Bank, who were positioning themselves for a launch into British banking - having reached a plateau in Australia, are now not able to do so.

For the shareholders, this growth is important as it provides the means for their own wealth to grow - deny them this and the Bank will be sold down on the sharemarket. Very bad, not only for the Bank and the remaining shareholders, but for the entire country. Make no mistake, a strong banking system underpins a strong economy.

Being denied this $4 billion in lost capital (in reality, offset by a $1.5 billion profit on the sale of Michigan National Corporation), coupled with the weak Australian Dollar, means that the Bank is now effectively shackled, unable to grow itself in foreign markets.

The effect of this is that the Bank has now no option but to 'grow' itself within the domestic market - something that is not easy with only limited opportunities available.

This is not to condone nor commend the Banks actions, but is intended as just a commentary on what is happening.

There is one aspect that I did find sickening - I know one of the toecutters who implemented this PFG strategy. He related that once this announcement was made public by Frank Cicuttio (last Monday) that the share price would drop at least 50 cents because the market would feel that the cuts weren't severe enough and wouldn't be able to provide the growth necessary to make their investment viable.

BTW, my toecutter friend also Positioned himself For Growth and has taken a nice Golden Handshake, thank you very much.

[Joe Mama]

Thanks for that CJH., but I can't help but to feel like we're (people who live in the bush) being abandoned by corporate Australia.

Yep, Rushworth (it has no banks for a town with a high percentage of retirees and a population of 1,000), Stanhope, Elmore, Tongala (at least they've got a Bendigo Community bank there) and Violet Town (all towns that are within an hours drive from where I live) were positioned for growth alright, those towns were positioned for being screwed over (this from a bank which is very strong in the agri-business market, where we went to get a loan for our new dairy and pasture improvements, from a great guy called Andrew Westblade from Shepparton, who we couldn't be happier with).

But, thanks for giving an insight into your financial blunders in the US in regards to the failure of Homeside, and confirming what I despise about people like Mr Cicuttio.