Co-operative Bank branch set to close on May 31
- Credit: Archant
The closure of the Co-operative Bank’s Sidmouth branch will leave a high-profile vacancy in High Street.
A spokesman revealed yesterday (Thursday) it will leave the town on May 31 as part of a business plan to ‘turn the bank around’.
He added that the switch to online banking has driven the move, but this is the last stage of significant branch closures as part of the bank’s ‘transformation’.
Liam Coleman, the Co-operative Bank’s director of retail and commercial, said: “We have always been very clear about the need to reduce the branch network to a size that is consistent with a smaller, sustainable bank as part of our business plan to turn the bank around. These decisions are never easy, but continuing to reduce our costs is necessary as we seek to restructure and modernise the bank and, unfortunately, this includes closing branches where the number of transactions has declined significantly, meaning it is no longer sustainable.”
Affected customers will be contacted and informed of the options available. The High Street premises was previously a branch of Britannia before it merged with the Co-operative Bank in 2009.
You may also want to watch:
The Herald contacted other banks with branches in Sidmouth was told no others are expected to close in the foreseeable future.
- 1 Sidmouth’s ‘overwhelming’ support for Wear a Hat fundraiser
- 2 Prince Philip's legacy is guaranteed through awards scheme
- 3 Hayman's Butchers 'had been my life' - Stewart Hayman
- 4 It's our time to share our fortune and 'do our bit' as we start to re-open
- 5 There will be sunshine after the rain as the town re-opens
- 6 Ottery retirement community with Easter thank you for keyworkers
- 7 Veterans called to muster in tribute to Prince Philip
- 8 Rewarding first night back For Sidmouth Running Club
- 9 Town is spruced up as excitement is in the air for future
- 10 Virtual donkey day out on Easter Sunday