The First Trust is to close around half of its branches around Northern Ireland following a major review of its business forecast. And four will be closing in County Down outside Belfast.
On 30 June, Warrenpoint and Newtownards branches will close, Downpatrick on 28 July followed by Banbridge on 4 August.
Following the 18-month long review of its services, a decision was taken to jettison 15 bank branches as branch business was down by 40%. However, management have negotiated with the Post Office who may continue to provide some services to those affected by the closures in the town affected. This will be of benefit especially to many of the elderly.
McGrath Angry at First Trust Exit From Town
SDLP Assembly Candidate Colin McGrath has said he is angry at the First Trust Bank’s announcement that they intend to close their Downpatrick Branch,
Commenting, the SDLP representative said: “First Trust made over 1 billion Euros of profit last year and yet they still insist upon shutting branches and ripping the heart out of High streets across Northern Ireland.
“Banks provide an important and invaluable service to local people and after years of poor treatment from the banking sector towards customers this latest round of closures in rural communities is particularly hard to take.
“I would ask the bank to review its decision and to investigate alternative ways of keeping the branch open… especially as it is such as busy and well used facility.”
FSB Reacts To Branch Closure Proposals
Responding to news of the planned closure of 15 branches of the First Trust Bank, Wilfred Mitchell OBE, FSB Policy Chair for Northern Ireland said: “This is a significant blow to the local economy, as it will reduce service and competition generally, but will be especially concerning where the closure is of the last branch of any bank in the area. Small businesses continue to use branches for a wide range of services and proximity to a bank is still a key priority for many of our members.”
Mr Mitchell continued by highlighting that small businesses often retain an important relationship with their local bank branch, as determined by FSB’s recently published research report: “Locked Out: The Impact of Bank Branch Closures on Small Businesses“.
“FSB members have cited that they place a high value on the availability of the branch network for day to day banking, and on face to face contact to sustain effective relationships which are not easily replicated by other methods, such as online banking.
“Bank branches should not be seen as a hindrance to technological development or behaviour changes in customers, as many banks throughout the UK have successfully innovated their branch structures to develop digital offerings and better meet customer needs.”
Downpatrick Businessman Fears The Worst
A Downpatrick businessman trading on Market Street just a stones throw from the First Trust Bank set to close later this year on 28 July, expressed his feelings of trepidation about the decision to close.
He said: “There have been long established businesses and families banking here at this branch for decades and now that relationship with the bank is just to be torn up.
“There are still many elderly people who are not computer literate and cannot use online banking so need a local branch. This will be quite disruptive for them. The main Post Office in Downpatrick is already quite busy so this does not seem like a very good alternative. A local branch is important so that its customers and local businesses can actually meet with the managers and staff. This function will now be lost.
“And local businesses need the security of a night safe. This is just one more service to be eroded from Market Street. With all the other closures, the ‘for let’ and ‘for sale’ signs displayed, it suggests that the trading environment in the County town has received a terrible blow. There has been little good news in Downpatrick, just a drip feed of erosion.
“It just looks like the bank are trimming the fat getting ready for a sale of their remaining banking assets to a bigger bank. Possibly the post-Brexit business environment does not look too appealing to them.”
Shannon Deeply Concerned At Newtownards Bank Closure
Strangford MP Jim Shannon has urged the Chief Executive of the First Trust Bank to meet with him to discuss the proposed closure of the Newtownards Branch of the First Trust Bank.
He said: “I would like to meet with the chief executive and the decision-making team to discuss this proposal as I believe it will adversely affect the business and customer base in the area and would appreciate a face to face to discuss this issue.
“We have recently had the announcement of the closure of the Newtownards branch of the Bank of Ireland and I believe now is not the time to pare down services further but to take the opportunity to pick up more customers in the area.
“I have obvious concerns about the staff in the bank and believe that there must be a way of encouraging this local base to remain open.”
Patrick Clarke Voices Disappointment At First Trust Bank Branch Closures
South Down Independent candidate Patrick Clarke has expressed his disappointment that First Trust Bank is to shut half its branches this year including Banbridge, Downpatrick and Warrenpoint and Newtownards between end of June and August.
Patrick Clarke said: “I am very disappointed regarding the announcement by First Trust Bank to close a number of their branches in Down which I believe will have a detrimental impact on these main towns due to them serving both personal and business customers and the rural and farming communities in rural areas.
“We now live in a digital age with a lot of banking being carried out online and through various smart and mobile phones as well as other IT equipment so the whole way of day to day banking has changed dramatically in the last few years.
“But nevertheless the closure of any high street bank such as First Trust Bank within these busy towns does still come as detrimental blow to both bank staff and loyal customers following the announcement.
“I am thankful that the Newcastle First Trust branch was not targeted for closure in the busy seaside resort which has an extremely busy branch and two ATM’s to serve customers and visitors; however no branch is safe given the advance and increased use in online banking.
“However I welcome the fact that First Trust bank, which is part of the AIB group, has agreed a partnership with the Post Office to enable customers to conduct their everyday banking transactions in Post Offices in Banbridge, Downpatrick and Warrenpoint.”
