Rural Bank to use Bendigo branches

Elders Rural Bank had strong deposit flow for the 2008/09 year, and at June 30 total deposits of $3.7 billion exceeded loans. Elders Rural has pursued a marketing strategy of picking up deposits in the cities, using online and Elders Real Estate channels.

Hutchinson said the strategy was working, with 43 per cent of deposits coming from the cities during the year. The bank will change its name to Rural Bank next month, reflecting a shift in the joint venture shareholding. Futuris has sold some of its stake to Bendigo & Adelaide, which now holds 60 per cent of the bank.

Elders Rural managing director Paul Hutchinson said: “Our relationship with Elders does not change but we will be opening up new distribution channels. We will be using Bendigo & Adelaide’s expanded community branch network.”

Source: The Sheet