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The ANZ bank has reversed a decision to close its branch in Portland in south-western Victoria.
The decision to close the Percy Street branch was met with major backlash from the community when it was announced in April.
Customers would have been forced to travel to Hamilton, 85 kilometres north, or Warrnambool, 100km east, had the branch closed.
In May this year a report was tabled to federal parliament following an inquiry into bank closures in regional Australia.
A committee found there was "little incentive" for banks to keep regional branches open.
According to the Australian Prudential Regulatory Authority, 800 regional branch sites closed between June 2017 and June last year.
Following an acquisition by conglomerate Suncorp, ANZ said it was "committed" to maintaining a presence in regional Victoria.
"Our dedicated customer care team will be phoning our customers that they have previously contacted around the closure to advise of the decision to continue operating at this location," an ANZ spokesperson said.
"Our relationship managers will be contacting our business customers to advise of this change and will continue help to these customers with their specific needs."
In an email sent to customers and seen by the ABC, ANZ said the decision to reverse the closure came "after careful consideration of customer and community feedback".
ANZ CEO Shayne Elliott told a Senate inquiry in 2023 that "while most customers prefer digital channels for many of their transactions, branches continue to be important." (AAP: Lukas Coch)
John Weichert, the general manager of a civil works and earthmoving company in Portland, stressed the importance of in-person services in regional Australia.
"I'm very pleasantly surprised, to be honest, about that decision," he said.
"Maybe it reflects that the ANZ has recognised that having a face behind your service, having a shopfront, having someone you can shake hands with, is significant," he said.
"It’s a reflection on government services in the same way, other services that are gradually pulling back step by step from regional communities … but personal contact and a visible shop front is important."
Glenelg Shire Council Mayor Karen Stephens said the council spearheaded a community campaign to stop the closure.
"We felt it was quite rare to reverse a decision that had already been made, such as closing a branch," Cr Stephens said.
"Council wrote to the ANZ bank and said, 'do you understand there's a huge future in Portland? There's an expected growth expected in the next five to 10 years ... so, maybe this decision is a little premature.'"
Ms Stephens said council is looking to the future of growth in the region — the population in the small coastal town has steadily increased with census data showing there are now 11,230 residents compared to 9,712 in 2016.
Mayor of Glenelg Shire Karen Stephens says steady economic growth in Portland means the closure of bank branches is "premature". (ABC South West Victoria: Jean Bell)
"There's always going to be some opportunity for new services and expanded services as our community grows," she said.
"It's gratifying to our community that they have been heard, by standing up and being counted, they actually have been listened to.
"This is a win for the Portland community."
John Weichert said his company is no longer banking with ANZ regardless of the decision being reversed, and believes banks should consider how dialling back services may impact businesses across Australia.
"Maybe they [ANZ] should be looking equally at how they will service business, in the way that they’ve centralised house lending or home lending," he said.
"Maybe the lessons they’ve learned in not closing the branch, they might look at corporate services too. Corporate focus has shifted away from communities."