A Worthing bank is set to close in October 2020, it has been announced today.
TSB in South Street, Worthing, is one of twelve ‘quieter’ TSB branches which will be closing in the South East during 2020.
A spokesman for TSB said: “Closing branches is always a difficult decision with changes impacting people and communities.
“To help address this, TSB is launching a range of new initiatives to help impacted customers with the transition.”
Five partners in Worthing will be affected by the closure, the spokesman said, however TSB said it would be working with these partners to try to find them alternative roles within TSB.
Explaining the decision to close the branches, the spokesman said changing customer behaviour had made sustaining its large network of branches difficult.
A ‘significant number’ of TSB branches have low customer numbers and transactions are decreasing year on year, the spokesman said.
In the last two years alone, TSB has seen branch transactions drop by 17 per cent as customers increasingly choose to bank online or through telephony, the spokesman said.
As a result, nearly half of TSB’s branches are run at a loss.
Once the branches close, TSB will still have 41 branches in the South East region, according to the spokesman, and 65 per cent of the UK will live within four miles of a TSB branch.
Customers will still be able to bank with TSB in multiple ways, such as through telephony and online channels, the spokesman said.
In addition, TSB customers will be able to perform many banking tasks at their local Post Office.
Robin Bulloch, Customer Banking Director at TSB, said: “We have made the difficult decision to close some of our quieter branches and will fully support customers through this transition.
“We realise this is difficult news for our branch partners and will do everything to support those affected to redeploy as many people as we can to other roles and keep compulsory redundancies to a minimum.”
The TSB branch in Burgess Hill will also be closed next year.
Worthing has said goodbye to several of its banks in recent years.
In May 2018, Natwest’s Goring Road branch closed its doors.
Later the same year in November, the Royal Bank of Scotland closed its branch in Montague Place, Worthing.
In 2016, the town lost its Lloyd Bank branch in Broadwater Street West.
In November of the same year, The Co-operative Bank in Chapel Road, Worthing, closed its doors.