Angry community leaders have branded the planned closure of the last major bank branch in a west Suffolk town "another devastating blow" for its high street.
Lloyds is set to close its Haverhill High Street branch with a listed closure date of June 25, 2024.
A new Banking Hub, run by the Post Office, has been recommended for Haverhill by LINK and Lloyds has said if it is not up and running by the closure date, the branch will be kept open for up to 12 months, starting from 20th September 2023, meaning it will remain in the town until September 2024.
Aaron Luccarini, who represents Haverhill Central on West Suffolk Council, said the closure announcement marked a "sad and disappointing day for Haverhill residents and our High Street."
"I’m naturally angry at all the major banks that have abandoned Haverhill and their customers, all of which closed without consulting their customers," he said.
"I am however pleased that Haverhill looks to be getting a Banking Hub. I hope to see this open in an existing High Street shop.
"The Banking Hub will benefit all residents who have previously lost their bank branches and will go a long way in supporting the most vulnerable in our community with access to banking."
However, town mayor David Smith, who represents Haverhill South on West Suffolk Council, said he fears the Banking Hub might not be enough to support the growing town.
"This is another devastating blow to our high street, and the proposed introduction of a banking hub totally inadequate for a town the size of Haverhill," he said.
"Once again a bank has put profit before the needs of its most vulnerable customers."
He also questioned where the hub would be situated and who would pay for it.
"I note that they say the Post Office will run it. The Post Office in Haverhill has been understaffed, even to the point of unscheduled closures, since it was franchised to a private company," he said.
"More resources will be needed in order to bring the premises back to its former glory when it was a Crown Post Office."
Pat Hanlon, who represents Haverhill East on West Suffolk Council, said: "Haverhill has a population of nearly 30,000 with new housing being built, adding another 10,000. This will affect many people who want advice from the bank on many things to do with financial matters in this cost-of-living crisis.
"I would like to ask the Lloyds Banking Group to think again about this closure that will have a devastating impact on our town shops, businesses, and people."
Haverhill North councillor Joe Mason branded the news "another blow" to the High Street.
"These are really worrying times for residents, as so many of the services they were used to seem to be increasingly unavailable within the town," he said.
"Whilst the seemingly inevitable goal of the banking sector seems to want to move to a cashless society, it is the rate of change that is most alarming.
"I am receiving frequent complaints about the Post Office service which is not the solution for providing the services people need and Barclays Bank providing some services from the Arts Centre is most certainly not a long term solution.
"A 'Banking Hub' is now essential for the town. People must still be able to deposit and withdraw cash as well as receiving face to face support with a bank employee even if it is with limited availability.
"These are worrying times and people, particularly those who are not confident with banking online, who need the reassurance that the banking sector will not leave them high and dry."
When the Haverhill bank closes, it will join Southwold and Mildenhall as some of the Suffolk towns with no banks.
This year, Barclays in Sudbury closed its doors with Barclays in Beccles set to shut in November.
According to Lloyds, 81% of the branch's customers use other ways of banking, such as mobile, internet, or phone banking as well as other branches.
A Lloyds Bank spokesman said: "Customers can use the local Post Office for everyday banking which is a short walk away, access cash at the nearby free-to-use ATMs, alongside other ways to bank such as over the phone and online, or the new Banking Hub once it is up and running."
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