182 year old Airdrie Savings Bank to close

Airdrie Savings Bank (ASB), the UK’s last remaining independent savings bank, is to close its doors with seventy jobs likely to be lost.

The institution, which can trace its roots back to 1835, confirmed yesterday it will be ending all business activities and be wound down in the coming months.

ASB, which operates two branches in Lanarkshire and a head office in Airdrie, was backed by Stagecoach founders Sir Brian Souter and Ann Gloag along with a group of senior Scottish business figures as it expanded in 2010.

The bank is understood to have about 10,000 current accounts and 30,000 deposit accounts.

CEO Rod Ashley attributed the closure to a backdrop of several previous branch closures in recent years, a shrinking customer base, declining footfall and an ongoing escalation of operating costs.

He said it was a “difficult decision” to close but insisted it was the right move.

Unite regional officer Wendy Dunsmore said the loss of the bank was a “bitter disappointment”.

The bank will close its branches in Coatbridge and Bellshill on April 28 as part of a phased shutdown of operations, with up to 70 staff likely to lose their jobs.

All current accounts will close on April 28 while the head office will remain open for as long as is needed for customers to transfer their money to an alternative banking provider.

Chairman Jeremy Brettell said: “While we are financially strong, a comprehensive strategic review of all future options concluded that we will not have – as a very small bank – the resources in the years ahead to provide the products and services our customers need in this increasingly digital world.”