Cooperative Bank urged to reconsider Colne closure plans

Cooperative Bank urged to reconsider Colne closure plans

Cooperative Bank urged to reconsider Colne closure plans

First published in News

THE Co-operative Bank has been urged to reconsider plans to close its Albert Road branch in Colne by Pendle MP Andrew Stephenson.

He said it would be too much to ask customers to travel to Burnley to access services.

Colne resident Mr Stephenson warned many might defect to other banks if the closure went ahead.

He was told of the closure plan by the Co-op’s Head of Branch Network Paul Denton who said it was needed to return the loss-making bank to a position of strength.

Staff at the Colne branch have been put into a period of consultation.

Tory backbencher Mr Stephenson said, “This is extremely disappointing news.

“We all know that the Co-op has been going through tough times of late but their Colne customers should not be the ones that have to suffer as they try and get back on track.

“I urge the Co-op to think again.

“The Co-op is held in high regard in this part of the world but people from around Colne cannot be expected to stick with a bank if the nearest branch is going to be all the way in Burnley.”

Pendle council Leader Joe Cooney said: “I am disappointed to see the Co-op Bank proposing to leave Colne.

“Residents now face the inconvenience of having to travel all the way to Burnley. I urge them to change their minds “ Mr Denton told Mr Stephenson the closure was essential ‘to deliver the Co-operative Bank’s business plan and return the bank to a position of strength’.

He added:”This decision has not been taken lightly and we appreciate that the closure of our branch will be disappointing for both customers and colleagues.

“As our nearest alternative branch is in Burnley we will be contacting our customers prior to the closure to provide further details about the alternative ways for servicing their accounts.

“As we re-focus 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 are confident that every customer contacting us through any of our channels will continue to receive a warm welcome.”

Mr Denton added that the Co-op bank management were in consultation with bank staff and its trades unions to support workers at the branch.

Comments (10)

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7:26pm Sun 3 Aug 14

Catty girl says...

Hope they sort out the Health centre pharmacy mess out soon too !
Hope they sort out the Health centre pharmacy mess out soon too ! Catty girl
  • Score: 4

9:45pm Sun 3 Aug 14

The Seagull has landed says...

Catty girl wrote:
Hope they sort out the Health centre pharmacy mess out soon too !
Still too warm?
[quote][p][bold]Catty girl[/bold] wrote: Hope they sort out the Health centre pharmacy mess out soon too ![/p][/quote]Still too warm? The Seagull has landed
  • Score: 5

10:04pm Sun 3 Aug 14

M Foster says...

I expect it will be more bank closures to follow on our high streets. Most people seem to use ATM's for cash or credit/debit cards and many, like me, do most of their banking online so costs must be reduced. All the banks are insolvent and are propped up by money printing (QE) by the Bank of England which is given straight to them, weakening the £ and ramping up the cost of living. That is why they no longer need to pay a decent interest rate to us older savers (wanting the younger generation to buy everthing on credit so the banks benefit from their debt) and will never need to. The UK government cannot allow the interest rate to go up as it will be impossible to ever service it's record debt whilst they can rob the savers and pensioners at the same time. I hope all the major banks will fail eventually as we do not need them - OUR government should print OUR own money as it did in the past with the Bradbury Pound (which does not create instant debt as the BoE £ does) and OUR money no longer used to prop up the `too-big-to-fail' corrupt banks.
I expect it will be more bank closures to follow on our high streets. Most people seem to use ATM's for cash or credit/debit cards and many, like me, do most of their banking online so costs must be reduced. All the banks are insolvent and are propped up by money printing (QE) by the Bank of England which is given straight to them, weakening the £ and ramping up the cost of living. That is why they no longer need to pay a decent interest rate to us older savers (wanting the younger generation to buy everthing on credit so the banks benefit from their debt) and will never need to. The UK government cannot allow the interest rate to go up as it will be impossible to ever service it's record debt whilst they can rob the savers and pensioners at the same time. I hope all the major banks will fail eventually as we do not need them - OUR government should print OUR own money as it did in the past with the Bradbury Pound (which does not create instant debt as the BoE £ does) and OUR money no longer used to prop up the `too-big-to-fail' corrupt banks. M Foster
  • Score: -3

12:11am Mon 4 Aug 14

2 for 5p ridesagain says...

Why should they reconsider if the place is not financially viable , why should they make a loss
Why should they reconsider if the place is not financially viable , why should they make a loss 2 for 5p ridesagain
  • Score: -7

7:11am Mon 4 Aug 14

BuckoTheMoose says...

I'm sure the Co-op have thought this through and have better knowledge of the issue than a politician.
I'm sure the Co-op have thought this through and have better knowledge of the issue than a politician. BuckoTheMoose
  • Score: 2

8:24am Mon 4 Aug 14

Kevin, Colne says...

The Co-Op Bank branch in Colne is located in the old head office building of the Colne Building Society and I suspect that this is far too large for the amount of business transacted over the counter.

As others posters have pointed out the progress of technology is re-fashioning the way we access banking services. I am sure that the decision to close the branch will have been one that was not taken lightly.

I am no great lover of British banking but I hope that major banks do not fail. This would be absolutely catastrophic for the nation. Certainly I would like to see banks move towards banking with brains and integrity, which would not only be novel but is the very least we can expect after the debacle of the financial crisis,

I will leave others to comment on whether the government is robbing savers.
The Co-Op Bank branch in Colne is located in the old head office building of the Colne Building Society and I suspect that this is far too large for the amount of business transacted over the counter. As others posters have pointed out the progress of technology is re-fashioning the way we access banking services. I am sure that the decision to close the branch will have been one that was not taken lightly. I am no great lover of British banking but I hope that major banks do not fail. This would be absolutely catastrophic for the nation. Certainly I would like to see banks move towards banking with brains and integrity, which would not only be novel but is the very least we can expect after the debacle of the financial crisis, I will leave others to comment on whether the government is robbing savers. Kevin, Colne
  • Score: 3

10:39am Mon 4 Aug 14

PK Bailey says...

Makes me wonder how the people of Colne went on before the Coop was in Colne,after all its not been there that long.Before Coop went to Colne the nearest branch was Preston, at least they can go to Burnley.Colin Stephenson says too much trouble to go to Burnley surely he could hang his coat on something that really effects people!
Makes me wonder how the people of Colne went on before the Coop was in Colne,after all its not been there that long.Before Coop went to Colne the nearest branch was Preston, at least they can go to Burnley.Colin Stephenson says too much trouble to go to Burnley surely he could hang his coat on something that really effects people! PK Bailey
  • Score: 4

11:45am Mon 4 Aug 14

watergirl says...

I suspect not many people will be bothered but what will this fine building become in the future? It certainly wont be empty for long. As for the MP its time he got his teeth into something that really matters to the people of Pendle instead of latching onto the slightest issue
I suspect not many people will be bothered but what will this fine building become in the future? It certainly wont be empty for long. As for the MP its time he got his teeth into something that really matters to the people of Pendle instead of latching onto the slightest issue watergirl
  • Score: 2

11:44pm Mon 4 Aug 14

hairy mary says...

Im not bothered if you close it as I live in Blackburn
Im not bothered if you close it as I live in Blackburn hairy mary
  • Score: 2

9:42pm Wed 27 Aug 14

It's a spade! says...

It was the Tory chancellor George Osborn who stuffed up the Co-op!!!!
It was the Tory chancellor George Osborn who stuffed up the Co-op!!!! It's a spade!
  • Score: 0

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