Thursday, November 14, 2019

MyState shuts the door at New Norfolk

MyState Bank has taken down the signs and
closed its New Norfolk branch.
MYSTATE has shut the door on more than three decades of providing financial services to the people of the Derwent Valley, closing its New Norfolk branch last Friday.

The bank announced in August that it would close the New Norfolk branch on November 7, citing a decline in customer transactions due to online and mobile banking services. A spokesman said Derwent Valley customers would be able to bank at any other MyState branch.

In a letter to customers, the bank also said it would remove its ATM in January. The closure leaves the Commonwealth Bank as the last bank in New Norfolk, although some banking transactions can also be done at the Post Office.

MyState had a substantial history in the town, dating back to the 1980s when The Credit Union of Tasmania had an agency in Howlett's store and Island State Credit Union had one a local shoe shop. When those merged in 1986, they stayed in Howlett's store until purchasing the small premises of the National Australia Bank at 31 High St in 1987.

In 1994 Island State relocated to 5 High St for several months while its old premises at 31 High St were demolished and a new branch erected in its place. In 2007 Island State merged with the Connect credit union to form MyState Financial Credit Union of Tasmania. The size of the combined entity and its number of members in the Derwent Valley warranted a further expansion, which resulted in the opening of the new branch in the old Westpac bank at 45 High St in 2008.

Sign of the times.
In 2009 MyState merged with Tasmanian Perpetual Trustees and ceased to be a member-owned financial institution, although it was at pains to insist it had not become a bank. In 2014 the business rebranded as MyState Bank Limited.

It is understood that a discussion will be held next week about the process of establishing a community-owned bank at New Norfolk.

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