Concern spreads over two 'disappointing' bank branch closures in Louth

A decision by Lloyds to shut the doors of its historic base on Mercer Row has been swiftly followed by an announcement that NatWest is to close its operation on Market Place.

Both companies say the reason behind the May shutdowns is because most customers have switched to digital banking, via websites or mobile phone apps, with fewer visiting traditional branches.

However, critics fear many elderly and vulnerable people will be left out in the cold because they do not have online access or prefer human contact when dealing with their personal finances.

The closures will leave Louth with only two bank branches still open – Halifax at Cornmarket and Santander on Market Place.

Victoria Atkins, Conservative MP for Louth and Horncastle, is spearheading the concerns. She said: “It is very disappointing to hear the plans of Lloyds and NatWest to close their branches in Louth.

"Maintaining a degree of accessibility in banking is vital for those who are unable to use online or telephone banking. Branches can provide a vital service to some of our most vulnerable residents.

"I will be meeting with Lloyds and NatWest about these proposals. I will urge them to reconsider and to look at ways they can continue to support their customers going forward.”

East Lindsey District Council also recognises the worries caused by the closures, although it accepts that Lloyds and NatWest have every right to make such business decisions.

The council says it would be interested to hear from any local organisations who might be willing to fill the breach, possibly by operating or hosting a banking hub, similar to one now open in Mablethorpe.

Set up by Cash Access UK, the hub allows customers to carry out face-to-face transactions with their bank on designated days.

Coun Craig Leyland, leader of East Lindsey District Council, said: "While these are commercial decisions made by the banks, the council recognises how the loss of such facilities can impact communities.

"If any community group has ideas to further help local people, the council is happy to consider how we can support them."

The NatWest closure in Louth is one of 53 announced by the company across the company. It is earmarked for Wednesday, May 28.

A spokesperson said: “Our customers are using digital banking more than ever before. Over 80 per cent of our active current-account holders now use our digital services and over 97 per cent of retail accounts with us are now opened online.

"Like any business, we strive to meet our customers’ changing needs and expectations. We are investing to broaden what customers can do themselves and to offer them greater personalisation.”

The Lloyds closure, which is pencilled in for Wednesday, May 7, signals the end of an era for a site that dates way back to 1754 when a bank was established by Boston corn merchant William Garfit.

The Capital and Counties Bank took over from Garfit and Co in 1891 before the frontage of the building was changed in 1918 to coincide with Lloyds moving in.

Its appearance remains the same today and the bank is believed to be the oldest branch of Lloyds still operating from its original building.