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.
The Herald contacted other banks with branches in Sidmouth was told no others are expected to close in the foreseeable future.
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