IMB will close its branches in Woonona and Unanderra in the first closures since the former building society became a bank.
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The closures will leave each of the suburbs without a branch of any bank.
IMB said there would not be job losses as a result of the branch closures, which were being made because fewer customers were using local branches to make transactions.
The Automatic Teller Machines (ATM) will also be removed at both Woonona and Unanderra once the bank branches close on September 27.
IMB figures show about 40 per cent of customers at each Woonona and Unanderra do not use online banking. These are likely to be older customers who rely on branch visits.
An IMB spokeswoman said the branches were being closed because more people were banking online or using electronic payment systems.
"In recent years, we have seen an increasing number of IMB members banking online and using cashless payments, significantly reducing visits to our branches, and many of our members using multiple IMB branches across the Illawarra," the spokeswoman said.
"For these reasons, and the close proximity to other IMB branches, we have made the difficult decision to close our Unanderra and Woonona branches.
"While IMB will continue to operate 12 branches in the Illawarra, the largest branch network of any bank, we know any change can be difficult and our priority is to assist our members through this transition.
"Importantly, there will be no redundancies with our experienced staff from each branch offered alternative roles at other IMB branch locations to continue to serve our members."
Both Woonona and Unanderra are heavily populated suburbs with a high concentration of businesses in their CBDs.
IMB figures show more than half the customers at Unanderra (58 per cent) and Woonona (52 per cent) also use other branches. For the 42 and 48 per cent, respectively, of customers who use only the local branch, the lack of ATMs post-September will be an additional hardship.
From Woonona, the closest IMB branches remaining open will be Thirroul and Corrimal, each less than 4km from Woonona.
Once the Unanderra branch is closed, the nearest IMB branches will be Figtree (2.7km away) and Dapto (6.9km away).
IMB became a mutual bank in 2015, 135 years after it was founded as the Illawarra Mutual Building Society in 1880.
Ben Langford
Senior journalist writing on the environment. Opinion columnist, independent. We rely on your news tips so please, don't be shy to let us know what's going on.
Senior journalist writing on the environment. Opinion columnist, independent. We rely on your news tips so please, don't be shy to let us know what's going on.
