BRITANNIA bank in Shepton Mallet will close in the New Year.
The High Street bank, a subsidiary of the Co-operative Bank, is one of many across the country that will shut down before the end of next year. It was announced on November 4 that Co-operative Bank plans to cut its branch network by at least 15 per cent by the end of next year.
It will close 50 of its 324 branches and large numbers of jobs will be lost.
A spokeswoman said: “Since that announcement, we have been working through the detail of what this means for our colleagues and customers and as a result of this our Shepton Mallet branch has now been identified for closure early in 2014.”
Heather Lauder, customer and distribution director for the Co-operative Bank said: “This decision has not been taken lightly and we appreciate that the closure of our Shepton Mallet branch is disappointing.
“We are committed to supporting impacted customers and colleagues and will be keeping them fully informed throughout these changes.
“As we refocus our business we will be investing in self-service and digital channels in order to provide our customers with new ways to service their accounts.
“We remain focused on providing our highest levels of service and customers with our Shepton Mallet branch will be contacted directly prior to the closure with further details about alternative channels they can use to service their accounts.”
The closures are part of a rescue deal to plug a £1.5 billion hole in the bank’s finances.
Much of the bank’s financial problems have been blamed on bad debts inherited following the merger with Britannia Building Society in 2009.
The scandal-hit bank has also admitted losing customers after former chairman Paul Flowers was arrested as part of an investigation into the supply of illegal drugs.