Lloyds Bank are to close 3 of their Island branches in Bembridge, Cowes and Sandown, it has been announced today (Thursday).
The High Street bank has confirmed that all 3 branches will close by the end of April 2017, although a mobile branch will become operational.
It is known that the Sandown branch will close on Monday 24th April 2017 and customers will be realigned to Shanklin. Cowes customers will transfer to Newport and Bembridge customers to Ryde.
The closure of the Lloyds branches means that Bembridge, Cowes and Sandown will all be left without a bank at all.
The number of personal customers using these branches are going down each year by 9% in Cowes, around 31% in Sandown and over 16% in Bembridge.
In a statement issued to Island Echo, a spokesperson for Lloyds Bank has said:
“We have made the difficult decision to close these branches. They have been identified for closure because of the changing way customers choose to bank with us, which has resulted in customers using these branches less often. The majority of customers also now regularly use alternative branches or use other ways to bank such as online and telephone banking to complete their banking needs.
“We apologise for any inconvenience that this may cause and have informed customers of the closest alternative branches”.
The spokesperson has gone on to say that a new mobile branch service will be introduced to all 3 areas, details of which will be available in due course.
“We are investing in a new fleet of mobile branches for Lloyds Bank to help customers in more rural communities, alongside other ways to access banking locally. One of the new mobile branches will visit Cowes, Bembridge and Sandown”.
It is the intention of Lloyds Bank to redeploy affected staff to alternative branches.