Bank to close after nearly 100 years in South Molton

South Moltons HSBC will close in March, ending the banks 93-year presence in the town. Picture: Andy

South Moltons HSBC will close in March, ending the banks 93-year presence in the town. Picture: Andy Keeble - Credit: Archant

Woolacombe HSBC also set to close its doors on March 11.

The South Molton branch of HSBC is set to close next month, ending the bank’s 93-year presence in the town.

The Broad Street branch, which opened as the Midland Bank on February 15, 1923, will close on Friday, March 11.

A HSBC spokesman said there would be no job losses as staff will be relocated to another branch.

The company has also announced plans to close the Woolacombe branch on the same date.

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The bank said it was working with external suppliers to look at options for retaining a cash machine in the village area, subject to finding a location and planning consent.

In North Devon, HSBC branches will remain in Barnstaple, Bideford and Holsworthy.

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A statement said: “We never take the decision to close a branch lightly, and we understand it’s unsettling for the local community.

“Unfortunately, with an increase in the use of online and telephone banking over the past few years use of the South Molton branch has fallen significantly, and we’ve taken the difficult decision to close it.

“We are working with customers who use the branch to help them understand their options, which include being able to use local post offices for their day-to-day banking.

“There are also free ATMs in the area.”

HSBC said 81 per cent of contact with the bank was now completed via the telephone, internet or smartphone, and 97 per cent of cash withdrawals are made via cash machines.

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