Residents in Shipston-on- Stour could be left with only one cash point after it was announced HSBC bank will close its branch in the town.
The bank issued a statement on Monday saying the High Street branch would be among five HSBC branches to close across the UK in November.
Jeff Kenner, Stratford on Avon district councillor for Shipston, said the bank’s decision to leave the town will have a big impact on residents.
He said: “Shipston can ill-afford to lose one of its two banks and two of its three cash points.
“Because Shipston is remotely situated, the impact of this closure will be much greater than a similar event in a larger town with good transport connections.”
He added: “HSBC has been at the heart of the town for many years and is relied upon by local businesses and people from miles around.”
Mr Kenner said he is concerned the bank’s decision indicates it has a negative view of the town’s economy. He plans to work with town and district councillors and local businesses to try to bring fresh investment into Shipston and an alternative bank to the site.
He believes the town needs to work hard to support business growth and must support plans such as proposals for a supermarket and petrol station, which were turned down by the district council last year.
HSBC spokesperson James Thorpe issued a statement saying: “We need to ensure that our branches are in the right locations for our customers and on occasions this means that we need to close a branch where customer footfall has fallen dramatically or there has been a shift in customer shopping patterns.
He added: “Our branch in Shipston-on-Stour is a case in point.”
“Customer usage of the branch has fallen very significantly over the past few years.”