Welshpool to lose its last high street bank in 'enormous blow for the town'

Lloyds announced on Wednesday that its branch in the town will close on January 23.

Barclays has already said it's branch in Welshpool will shut in September.

The town's MP, Craig Williams, said it was an enormous blow for the town.

Lloyds said that the decision had been taken in response to the changing behaviour of how customers bank.

It has confirmed that there will be no redundancies, as branch staff will be utilised for other roles within the business. Customers will be able to access day to day banking services at the Post Office, and a community banker will visit the town, the bank has said.

The branch closure has also been reviewed by LINK – the UK’s Cash Access and ATM network – to assess the effect of bank branch closures on communities and identify where new shared facilities are needed. LINK has now recommended that a new permanent banking hub be opened in Welshpool, with more information to be provided in future.

Craig Williams MP said: “Lloyds’ announcement that it will be closing its Welshpool branch is of course exceptionally disappointing news. Whilst I am relieved that Lloyds have assured me there will be no staff redundancies, their decision represents an enormous blow to its customers and local businesses, as well as Welshpool as a whole.

“I will be holding urgent discussions with Lloyds’ representatives imminently to discuss this decision in more detail, including its plans to implement a community banker within Welshpool. Above all else, I want to ensure Lloyds’ loyal customers are not completely disenfranchised by this move and that the support they require remains available.

“Following Barclays’ decision to close its Welshpool branch in September, Lloyds was to be the last remaining bank with a physical footprint within the town. It is my firm view that there remains a strong need for banks to maintain a high street presence within rural communities.

“It is therefore of some comfort that LINK will be establishing a permanent shared banking hub within Welshpool. Over-the-counter services remain of vital importance to many customers who prefer not to bank online, or who are simply unable to given the nature of rural constituencies such as Montgomeryshire. I look forward to discussing with LINK how this will be implemented soon.”