Downham Market's only remaining bank Lloyds set to close in September

A town with just one bank remaining will lose its final branch as a closure has been announced.

Lloyds bank in Downham will close its doors for the last time on September 4, leaving the market town without a bank.

For existing customers living in Downham, it means going to a bank will result in having to travel to areas such as Lynn for their financial needs.

It was one on the list of many announced closures of Lloyds Banks across the country.

Following an in-depth review, the branch said on its website that it discovered the majority of its customers used other branches or online banking.

A statement from Lloyds says: "Like many other high street businesses, we’ve seen people using our branches less frequently in recent years as more customers choose to do most of their everyday banking online.

"We’re responding to the way our customers use our branches. We’ll continue to invest in our branch network, but we have to make sure our branches are where customers need and use them most. As a result, we've made the difficult decision to close this branch because customers are using it less often. In addition the majority of customers are also using alternative ways to bank."

However, there are plans for a 'banking hub' to come to Downham which could make accessing banking services easier for residents.

A banking hub is a shared banking space, similar to a traditional bank branch but available to everyone.

Banking service LINK has confirmed that the town will benefit from the hub as part of a wider commitment to protect access to cash.

Downham is one of eight locations across the UK due to receive a banking hub after the shock annoucement of bank closures.

The hub will consist of a counter service operated by Post Office employees, where customers of any bank can withdraw and deposit cash, make bill payments and carry out regular banking transactions.

In addition, there will be private spaces where customers can speak to community bankers from their own bank for more complicated matters that require specialist knowledge or privacy. The banks will be working on a rotating basis, so there will be staff from different banks available on different days.

Chris Ashton, head of banking services at LINK, said: "We know the way we pay for things and bank is changing. Yet not everyone is able to bank online or use digital payments.

"Many consumers and small businesses still rely on face-to-face banking and cash. That’s why we’re pleased to confirm Downham has been selected for a banking hub.”

The banking hub will now be delivered by Cash Access UK. Over the next few weeks, it will begin to engage with the community and to start looking for potential sites. The hub will likely open in early 2024.

How do you feel about Downham's final bank closure? Let us know by emailing: newsdesk@lynnnews.co.uk