Staff were informed last Monday of the closure, with customers who bank at the branch given 12 weeks notice.

"In response to changing customer banking preferences and industry trends, Great Southern Bank has made the decision to close our Figtree branch, effective 6 June 2024," a spokesperson said. "We will continue to support these customers from our recently refurbished Shellharbour branch, which will offer the same range of banking services."

Great Southern Bank, previously known as Credit Union Australia, will also close its Burwood branch in Sydney and has made a number of back office staff redundant as well, taking total job losses to 28, according to the Financial Services Union.

"Figtree and Shellharbour team members will be on hand to assist customers until the branch closes and we will offer a retraining package to any Figtree team members who are not able to be redeployed within the business," the bank spokesperson said.

The customer-owned bank is one of a number of financial institutions that have reduced their presence in the Illawarra.

While NAB re-opened in Lang's Corner last Friday, March 22, the story has more frequently been one of closure, with St George in Wollongong merging with Westpac, Bendigo Bank closing in Shellharbour and the northern suburbs of the Illawarra without a big four bank branch since mid-2021.

This has had a knock on effect as customers who still use cash go elsewhere to shop and bank, local businesses have said.

A Senate inquiry is currently examining the impact of regional bank closures and the FSU has called for the federal government to declare banks an essential service.

"Declaring banks an essential service would also include community service obligations, especially in remote and regional Australia," FSU national president Wendy Streets said.

"It's time to stop this relentless slashing of branches and jobs."

The Committee has extended its inquiry, with further public hearings to take place this year.

In Figtree, Great Southern Bank customers will continue to have access to some services locally.

"Cash deposits and withdrawals can still be made within the same shopping centre, by visiting the Australia Post outlet in Figtree Grove Shopping Centre, or alternatively any other Australia Post office displaying the Bank@Post logo," the bank spokesperson said.