Politicians, business owners and residents say they will fight to keep their branches after the Isle of Man Bank announced yet more closures.

Owned by RBSI, the brand is registered in Jersey after Isle of Man Bank Ltd ceased to exist last year as part of a reorganisation in the company.

Having closed five other branches in the last decade, the bank announced on Thursday it plans to close its Castletown and Peel operations on January 7.

Andrew McLaughlin, the chief executive of RBSI, confirmed the closures would lead to job losses.

He announced that the company is to open a ’voluntary redundancy register across the bank’.

Mr McLaughin said: ’In recent years we’ve seen significant changes in customer behaviour with more customers choosing digital for their everyday banking needs. We must rebalance investment between our branch network and our new digital network in recognition of the way customers wish to bank with us.’

’We also have a dedicated telephony service for vulnerable customers in the community. No branch is busier than our mobile banking service and today’s announcement recognises our need to move with the times.’

However, the decision has been met with anger.

Peel commissioner and ice cream businessman Ian Davison said the decision is ’going to be a massive loss to the town, its businesses and its people’.

Mr Davison added: ’I think it will massively affect every single business In Peel that banks with the Isle of Man Bank. It’s going to force us to have to travel to Douglas, Ramsey or Port Erin. Unfortunately it is completely and utterly unacceptable for us to go into Douglas.

’It’s going to be a massive blow to our business here in Peel. We’re one of the cash generating businesses. We need to be able to bank, we take cash over the counters. I’m sure every business within this town is really going to suffer with the loss of this bank.’

He said that the bank telling residents they can access services in Port Erin, Ramsey or Douglas was a ’nail in the coffin’ for Peel.

Mr Davison said: ’Peel is an up-and-coming town.

’We as the commissioners have been trying to attract business into the town.

’We’re looking to build some new units, we’ve got options on different areas of land that have industrial use - to try and future-build.

’Businesses look for an area with banking facilities - and I think the loss of this bank is a massive blow to this town.’

Former commissioner Katie Felton, who is gathering signatures for a petition against the closure, said: ’On my way up the street I got 75 signatures. I’ve only just started.’

shock

Peel MHKs Geoffrey Boot and Ray Harmer said the announcement came as a shock. The MHKs, who campaigned to have Peel’s branch reopened after the lockdown, said they believed the branch had been busy since it reopened.

While they knew there were reviews of the network being considered by RBSI, they said the first time they knew Peel and Castletown branches were to close was in a phone call on Wednesday.

They added that the closure of the ’only bank left in the west’ was a ’sad’ occasion for the island and that they thought keeping a regional branch seemed sensible for the bank.

Mr Boot and Mr Harmer said that making residents travel to Ramsey, Port Erin or Douglas to access banking services was not only inconvenient, but environmentally unfriendly.

The ministers said that they intend to write to the bank’s owners and will be campaigning to have the branch reopened.

They also hope to be able to hold a public meeting on the closure soon.

A search on the bank’s website tells Peel residents their nearest branch will be Athol Street in Douglas while their nearest Isle of Man Bank ATM will be at Noble’s Hospital, a mere ’8.7 miles away from Peel branch, travelling by car’.

TheMHKs who represent Castletown, Graham Cregeen and Jason Moorhouse, have also hit out at the plans.

Mr Cregeen said: ’It was with great concern that I heard about the closure. The bank was open and the staff were working during the Covid-19 period and it is extremely disappointing that the staff and customers are now faced with the closure of the bank.

’I will be making representations to the bank requesting the rationale for the closure and asking for comparison of footfall across branches. None of this information has been given in support of their decision.’

reconsider

He said that if the Castletown branch closed, Barclays would be the last bank to still be operating in the town. Mr Cregeen called on RBSI to carry out a consultation with customers and to reconsider its decision.

Mr Moorhouse said the announcement was disappointing and unexpected. He added:’The second bank closure in such a short period of time [Lloyds recently left Castletown] really is going to have a negative impact on both local people and businesses.’

As well as impacting businesses, Mr Moorhouse said RBSI’s decision ignored the needs of the elderly and vulnerable and that no consideration appeared to have been given to these individuals, many of whom have been customers of the bank all their life.

Mr Moorhouse noted that when Lloyds left it allowed people to bank through the post office. However, a spokseman for RBSI told the Courier there were no plans to offer this service for Isle of Man Bank customers.

The closures are the latest for the bank after it closed its Kirk Michael branch in 2012 and Laxey in 2013 while Ballasalla, Onchan and Prospect Terrace, Douglas, followed in 2015.