Shanklin has been dealt a devastating blow with the news that the town’s last bank is to close in July.
Lloyds, Regent Street, will close on July 26, following the loss of NatWest and Barclays in recent years, leaving just a Post Office and Nationwide Building Society.
A Lloyds spokesman said: “Just like many other high street businesses, fewer customers are choosing to visit our branches. Our branch network is an important way for us to support our customers, but we need to adapt to the significant growth in customers choosing to do most of their everyday banking on-line.
“When our Shanklin branch closes in July, customers can continue to bank with us at the local Post Office which is a short walk away, and also has a free-to-use ATM.”
He also confirmed: “The branch will close on July 26. A total of 76 per cent of our personal customers already use other ways of banking, such as over the phone or internet banking, as well as other branches.
“The nearest Post Office is a short walk away at the Southern Co-operative, 42 Regent Street, and we will be speaking to customers to let them know about the services they offer. Personal and business banking customers can withdraw money or check their balance, as well as paying in cheques and money to their account at any Post Office branch.
“The nearest free to use ATM can also be found at the Southern Co-operative.”
Nationally, Lloyds Banking Group has announced it will be closing 60 banking branches across the UK. These include 24 Lloyd Banks, 19 Banks of Scotland and 17 Halifax banks as they are all owned by the same parent company. The Island will be left with just two branches of Lloyds, in Ryde and Newport. Previously, there were branches at Bembridge, Cowes, Sandown, Shanklin and Freshwater.