Lloyds Banking Group announced last year that it will close 123 of its UK branches in 2024 – including the Ulverston branch on July 16.
Around 1,600 jobs will be cut across its network as part of a shift towards online banking.
READ MORE: Dates and locations of banks set to close in Cumbria in April 2024
Lloyds Banking Group, which also owns Halifax and Bank of Scotland, said just eight per cent of its customers choose to visit high street branches as the sole way to manage their money, while over 21 million customers use online or mobile banking.
With a population of over 11,000 people, concerns were raised about the lack of bank branches in the local area.
Many businesses still rely on cash which has been deemed as ‘vital’ for a festival town like Ulverston.
In September 2023, MP for Barrow and Furness Simon Fell held a meeting with LINK, the UK’s Cash Access and ATM network.
The service will bring together the five largest banks in the town by user base and share a premises to offer counter services.
The firm agreed that Ulverston needed a shared hub and Cash Access UK however an arrival date has been eagerly awaited as the closure of Lloyds branch approaches.
It has now been confirmed that new banking hub should be in place before that happens.
Mr Fell said: “It’s very disappointing that Lloyds are planning to close but thankfully the new banking hub should be in place before that happens thanks to the rules that the Government brought in.
“That means a proper five day a week service operating 9-5 with all the major high street providers present – a big improvement on our current situation. I expect an announcement on when and where this will open very shortly and I’ll be sure to keep readers posted.”
The LINK service means each bank will offer private appointments for one day each week and the counter will be run by the Post Office.
This will be in a separate location to the Post Office in Ulverston to prevent competition with people buying other items such stamps and envelope.
