The closures of two branches of HSBC in Somerset have been dubbed a "devastating blow to the economic fabric of the community". In the second quarter of 2023, both Wells and Frome are set to lose landmark branches of HSBC UK, which provide not only services for consumers but also support traders in each town.
The former Midland Bank in Frome opened in 1923 in an iconic position in the town’s ancient market place and has a distinctive flat roof. It will close just a few weeks after the 100th anniversary of its inauguration.
On November 30, HSBC UK announced the closure of 114 branches from April 2023, with Frome’s location by the Boyle Cross due to empty its safe for the last time on Tuesday, June 6.
An advert in the Somerset Standard, on June 29, 1923 - announced on behalf of the right honourable chairman R. McKenna - the “London Joint City and Midland Bank Limited” had a “branch now open” at 24 Market Place, Frome, and the manager was T.S. Whittall. It replaced a building on the site that had, along with two other 19th century buildings, stretched across the now broad Market Place to within 30 feet of the George Hotel.
Since the beginning, the bank provided services to traders in the town, and a Midland night safe bag used by the independent Millers Hardware store, established in 1906 and still trading in the town centre, is exhibited in Frome Heritage Museum. The London, Joint City and Midland Bank’s name was shortened to Midland as it remained until its new owners, the Hong Kong and Shanghai Banking Corporation, renamed it HSBC in June 1999.
Local historian David Lassman said: “The closing of the HSBC bank in Frome is a double-tragedy. Not only is it being closed in the year of its centenary, but perhaps more importantly, it is another devastating blow to the economic fabric of the community.”
Sara Butler, mayor of Frome, said: “It’s sad that high street banks are closing left, right and centre, because it makes face to face banking exclusive. It’s not only difficult for customers, but many businesses need to deposit cash at the end of the day. We have an increasingly older population who lack the access to do online banking. If you need to deal in cash it’s a very difficult thing. What we’re short of is face-to-face banking.”
Sarah Dyke, the Somerton and Frome prospective parliamentary candidate for the Liberal Democrats, has launched a campaign to save the bank.
She called for an emergency meeting with Mendip District Council and HSBC. She and the Somerton and Frome Liberal Democrats team have started a petition against the closure.
She said: “I am disappointed that HSBC have chosen to make this decision now in the middle of a cost of living crisis. It is vital that everything that can be done to stop the closure is done. Staff will lose their jobs and local residents, charities and businesses will have to travel further to use in-branch services. These plans do not take into account the impact it will have on our community.
“There is a cost of living crisis and HSBC is putting a barrier between some of the least well off and crucial financial services. HSBC needs to reconsider these proposals and protect bank provision in Frome.”
A spokesperson for HSBC UK stressed that whilst 114 branches were being closed, tens of millions of pounds were being invested in updating and improving its remaining branch network.
“We have carried out a thorough review, and there are numerous factors that are taken into account. A decision to close a branch is never taken lightly,” they said.
The bank is also providing free tablet devices and one-to-one coaching for selected customers as part of its post-closure strategy and investing millions in shared banking hubs and community access to cashpoints.
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