Elders, a prominent farm services agency group, has re-entered the banking sector through a new partnership with Austwide Bank, a financial institution with roots tracing back to Queensland’s Wide Bay Capricorn Building Society in the 1960s. This collaboration will see the development of various financial services offered through Elders branches, including farm management deposits, savings accounts, term deposits, and cash management accounts.
The decision to join forces with Austwide Bank follows Elders’ separation from Bendigo Bank in 2023, marking the end of a long-standing relationship that began in 2000 with the establishment of Elders Rural Bank. Over time, this entity evolved into Rural Bank and eventually integrated into Bendigo’s agribusiness division, leading to the retirement of the Rural Bank brand as part of the consolidation process.

The move to reintroduce banking services complements Elders’ existing financial offerings, such as livestock funding, rural product pre-payment programs, and home and asset finance loans. By expanding its portfolio to include loan and deposit products through Austwide, Elders aims to cater to the evolving needs of customers, particularly in regional communities where traditional banking services have become scarce.
Mark Allison, Elders’ managing director, highlighted the significance of providing comprehensive financial solutions amidst the closure of many bank branches in regional Australia since 2017. With the acquisition of Riverland Lending Services and the partnership with Austwide Bank, Elders is well-positioned to deliver essential banking services through its extensive network, supporting both personal and business financial goals.
The formalization of Elders’ banking services with Austwide Bank was confirmed in recent months following Austwide’s merger with MyState Bank, a Tasmanian-based financial institution listed on the Australian Securities Exchange. The combined entity boasts a substantial loan book and deposit base, with a network of branches across Tasmania and beyond, offering a range of banking, trustee, and wealth management services to customers.

MyState Bank’s origins can be traced back to The Rock Building Society in Rockhampton, Queensland, which later became part of the Tasmanian financial services group and rebranded as MyState. The consolidation with Austwide Bank has positioned MyState as a key player in the banking sector, reflected in its share price performance post-merger.
As Elders embarks on this new banking venture with Austwide Bank under the MyState umbrella, the collaboration signifies a strategic alignment to meet the financial needs of rural and regional customers. By leveraging their established presence and industry expertise, Elders and its banking partners aim to provide tailored banking solutions that resonate with the unique requirements of agricultural businesses and communities.
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