THE last bank standing in Ivybridge is flourishing thanks to customers of its closed competitors jumping ship in large numbers.

Lloyds Bank in Fore Street is now the only branch in town, after NatWest and Barclays closed this year.

And Lloyds has allayed fears that it too might pull out of the town, saying it has been investing in the Ivybridge branch. Since the closure of its two rivals, it says, it has been opening new accounts at the rate of about 25 per week.

Representatives of the company met MP Gary Streeter, chair of the town’s chamber of commerce Margaret Punchard, Mayor of Ivybridge Dave Gray-Taylor, and town clerk Lesley Hughes recently.

Following the meeting, Ms Hughes said they had been ‘reassured’ by what Lloyds representatives had said about the future of the branch.

She said: ‘In the period from the NatWest closure announcement new accounts have been opened by customers at Lloyds on a daily basis, and Lloyds have invested in new equipment at the branch.

‘Additionally they have advisors in the branch who are kept busy with applications for credit cards, mortgages and personal banking appointments, and that augers well for our future.

‘They appreciated the importance of the bank to Ivybridge seeing that both NatWest and Barclays have closed, and subsequently the branch manager, Pat Darch, kindly donated £50 from the community fund towards our Christmas celebrations, as well as being open on that evening.’

Mrs Punchard also felt the meeting had been ‘positive’. She said: ‘They seemed quite certain that they were going to stay in town.

‘They’ve spent a lot of money upgrading their machines, and they wouldn’t have done that if they were not planning to stay.

‘We do definitely need a proper bank in town – I went to do my banking at the NatWest van the other day and waited 17 minutes. You just can’t afford to do that when you’re trying to run a business.’