The company started in 1858 as a fixed-term (terminating) building society to improve conditions in the Bendigo goldfields during the Victorian gold rush.

It continued to expand its holdings when, in 1978, it merged with Bendigo and Eaglehawk Star, a building society established in 1901.

In 1982 BBS became the first financial institution in Australia to introduce successfully both Visa credit and debit cards.

Its growth continued throughout the 90s when it acquired National Mortgage Market Corporation Limited in 1995, a mortgage-manager company focussed on loan introducers and brokers.

[5] Bendigo Bank's "Community Bank" program began in 1998—the first branches opened in the western Victoria towns of Minyip and Rupanyup on 26 June and the first metropolitan branch in the outer eastern suburb of Upwey on 19 October.

The bank received its operating licence in 2000 and absorbed the First Australian Building Society in Queensland, acquiring a new regional headquarters in Ipswich.

Three years later, Bendigo Bank built a regional headquarters on Harbour Esplanade in Melbourne, Docklands.

Final regulatory and court approvals are set to conclude on 15 February 2024, leading the way for AWA to end the assocaiation with BBL and merge with Beyond Bank Australia.

The program was a response to the massive closure of bank branches, predominantly in rural areas.

Funds generated help support emergency and rescue services, such as rural fire brigades and the State Emergency Service (SES), as well as other community needs like buses, defibrillators, aged care facilities, sports parks, hospital wings, and classrooms.