A TOWN is set to lose its last remaining bank after Lloyds announced widespread closures of branches across the UK. 

The branch in London Road, Hadleigh, is among 20 which will be closing down later this year due to a drop in usage. 

It means the nearest bank to the town will be the Lloyds branch on Rayleigh High Street - three miles away.

Lloyds Banking Group said the continued rise in online transactions was another contributing factor to the closure. 

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Godfrey Isaacs, Conservative councillor for St James’ Ward, which includes Hadleigh, admitted the news was a big blow for some residents.

He said: “This is really bad news.

“I personally opened an account 18-months ago.

“This is the last bank standing in Hadleigh, so it isn’t good for the town centre either.

“The banking industry is relying totally on internet, however, HMRC, DVLA, and companies still send people cheques.

“It is impossible to totally rely on card processing, we still use cash, cheques, and savings."

Mr Godfrey fears the closure, which is planned for September, will be particularly tough on older customers.

He added: “It will also have an impact on the elderly as they have been brought up on the high street facility.

“It is not good as Hadleigh used to have five major banks at one point, and I should image the majority of our residents will be worried by this closure.”

Lloyds said it was prioritising branches that are "best placed" as it adapts to the internet-driven world.

It added: “It remains true that online and mobile banking continue to grow, as branch usage falls.

“On average, visits to these branches have dropped by 60 per cent since 2016, while we now have 18.6 million regular online banking customers and over 15 million mobile app users.

“Each of these locations has a free to use ATM, and a Post Office, within one mile.

“As with all proposed closures, these plans have been through LINK’s independent cash-access assessment, with no enhancements required.

“We aim to support all colleagues impacted, who want to remain with the group, a move to a new role.”