A MAJOR bank in Maldon is set to shut down next year, sparking disappointment among customers and councillors.

The Lloyds Banking Group is set to close 48 branches with 41 being Lloyds banks, including the Maldon branch, and seven from Halifax.

The Maldon branch will close on February 15.

Bosses have said the closures are due to declining use by customers.

Speaking on the shutdown Wendy Stamp, leader of Maldon District Council, said: “I am extremely disappointed to hear that Lloyds Bank has decided to close their Maldon branch next year, as this will be the loss of yet another high street bank and, of course, local employment.

“It will undoubtedly have a detrimental impact on the residents and businesses of the district who currently bank with them, as they will need to travel further afield if they wish to see someone in a branch.

“Although we do still have some other high street banks, it is a sad reflection on the current times that businesses such as these are having to rationalise their branches, but I would like to thank the staff of Lloyds Bank Maldon, whose jobs at the branch have come to an end, for all their hard work over the years.”

The town mayor, David Ogg has also expressed his disappointment.

Mr Ogg said: "I am obviously disappointed to hear that another of our long-standing high street banks has made a commercial decision to close its branch in Maldon.

"I do of course expect that as a responsible institution, Lloyds Bank PLC will ensure that workable alternative banking arrangements are put in place in the town for all its customers, before it closes."

When the closure was announced residents also voiced their opinions and worries.

Read more: Lloyds Bank branch in Maldon set to close in 2022

One Maldon resident, who wanted to remain anonymous, said: “That’s not helpful for my elderly mum who does not do online banking, and needs face to face at times.”

This move to close 48 branches could lead to 178 job losses and various communities could be left without access to vital services and cash.

The announcement will cut the number of branches to 1,475.

Vim Maru, retail director for Lloyds Banking Group, said: “Like many other businesses, we’ve seen people using our branches less frequently in recent years, and this decline is continuing.

“Our branches remain a fundamental part of how we serve our customers but we need to ensure the size of our branch network reflects the number of customers wanting to use them.”