News that a local town is to loose yet another of its banks has been described as bitterly and extremely disappointing.

Lloyds bank announced yesterday that it is closing its Cardigan branch on June 27 this year.

The news comes hot on the heels that the Cardigan branch of Barclays is to close in April.

The bank says that most customers are now using its mobile app, internet or telephone banking, which means they are using branches, including the Cardigan branch much less.

Statistics it revealed showed that personal customer transactions at the Cardigan branch have declined by 64 per cent in the last five years while business transactions have gone down by 58 per cent.

However, a total of 762 personal and business customers still use the branch on Cardigan High Street each month.

The bank says that after closure a community banker will visit Cardigan to help customers by offering banking services and account support.

Ben Lake MP said: "It is bitterly disappointing to learn of Lloyds’ intention to close the branch in Cardigan, a few months following the announcement by Barclays that they were doing the same.

“This decision is a further blow to the town of Cardigan and means that customers across the county will have to travel further to access many in-person banking services.”

Ceredigion County Council member for the Teifi ward, Elaine Evans also said the news was a blow for the town.

“I have been contacted by Lloyd’s Bank stating their intention to close the Cardigan Branch in June,” she said.

“This is extremely disappointing news for Cardigan residents and businesses, and more so on the back of the Barclays Bank closure.

“Lloyd’s Bank has stated that following the closure of the bank in June, they will have a presence in Cardigan in a place, and at a time, yet to be decided, to assist customers.

“However, it is becoming very clear that the traditional high street banks are abandoning our town centres. I will keep everyone informed of the location of the help desk.”

Mr Lake added that it was clear that the UK banking sector was intent on reducing their branch network, despite the sector reporting record annual profits for last year.

He had already arranged to meet with representatives of the Financial Conduct Authority and LINK following the decision by Barclays to close its Ceredigion branches, and will now raise the further closures as well.

“It is clear that the regulatory framework determining the establishment of banking hubs needs to change at pace to ensure that Ceredigion is not left without access to banking services,” he said.

“I have already joined forces with other MPs to meet with the regulator to press for an expansion of the eligibility criteria so that banking hubs can be established in a broader range of towns. Today’s announcement has added yet further urgency to this work.”