The bank, which currently operates from a leased building at 93 High Street, will switch premises to a more central location at 79 High Street.

“At the moment we are operating from a small office, which is not in the main part of town,” Maldon and District Community Bank chairman Ron Snep said.

“Part of our aim to develop the bank, is to be positioned in the centre of the town and in a much bigger building in order to attract more customers.” 

Castlemaine company VIC Restoration Building Services has been contracted to carry out the construction works, which are estimated to cost about $600,000. 

“Our local bank board’s decision to invest so significantly in Maldon reflects the confidence we have in this community and the surrounding region,” Mr Snep said. 

“This is an important step and an investment into the future.”

The new premises will feature a heritage-styled frontage, staff parking at the rear of the building and extra floor and ceiling insulation to reduce heating and cooling costs. The new building will also have a 24 hour automatic teller machine (ATM), a feature absent at the bank’s current location.

“The ATM machine is part of our increasing business strategy,” Mr Snep said.

“Maldon and the surrounding areas have a lot of festivals, which take place on the weekends when the bank is closed.”

“In order to take advantage of this we need to have a 24 hour ATM.”

Mr Snep said three years of preparation had gone into planning the move, and the works, which started on Thursday morning, were expected to take about six months to complete. 

The Maldon and District Bank is a community branch of the Bendigo Bank and has been in operation for 14 years.