The Commonwealth Bank (CBA) branch on Albert Street will close on November 22.

The bank refused to confirm how many employees would lose their jobs as a result of the closure, when contacted by The Courier.

CBA said that transactions at the Creswick branch had dropped 36 per cent over the last five years, citing customers flocking to online and phone banking services.

The bank's ATM which is attached to the Creswick Post office at 81 Albert Street will continue to operate, while a Bendigo Bank branch remains open in the town's main street.

Local resident John, who asked to be identified by his first name only, said it was a "disgusting" move from the bank which holds his savings.

"In a place like this that is going ahead, we're growing now, and the bank pulls out," the man in his 70s said.

"We'll have to travel to Ballarat. We don't know how to use internet banking, so what are we supposed to do?"

Commonwealth Bank's regional general manager David Castle said the company was regularly reviewing where to open new branches, and "in some instances where to close branches that are not being visited as much as they once were".

"We understand some customers may be concerned, so want to assure them that during the six week transition period, our branch staff are on hand to help familiarise them with all the existing banking options available," he said.

"Closing a branch is never an easy decision. We only do so after careful consideration of customer demand and the availability of alternative services."

Creswick councillor Greg May said he wasn't surprised, but "people will be disappointed" by CBA's decision.

"Unfortunately it's typical of the big banks I guess with their focus on profit-making," he said.

"They've shown, quite frankly, little concern for the people of the community by uprooting their branch. It's just another service disappearing from small country towns."

Crewick's Australia Post outlet is also available for customers to conduct personal and business banking transactions, such as withdrawals and bill payments.

After November 25, the closest CBA branches for the town will be in Ballarat, Wendouree and Daylesford.

Hepburn Shire mayor and Creswick councillor Don Henderson said he'd received lots of calls about the closure, and called it "disgusting, greedy behaviour".

"It's a bit rich to desert the people of Creswick and then expect them to support you by driving all the way to Ballarat and Daylesford. The people I've spoken to won't be doing that," he said.

"There's people who have always banked there, and are parents of kids who signed up for Dollarmites at the local school."

According to the Australian Bureau of Statistics, Creswick has a higher percentage of the population in every age range over 50 years than the rest of the state.

A report from Newscorp on Saturday said 39 branches owned by the big four banks had been closed over the last year in Victoria alone.

There have been a spate of bank branches closed in the Ballarat area over the last few months. Commonwealth Bank branch in Ballarat's Bridge Mall closed in May this year, while a Westpac Bank branch in Maryborough closed in September.