Okehampton is set to lose its last remaining bank, much to the dismay of locals and small business owners.

Lloyds Bank, located on Fore Street, will close on March 25 next year.

It is among 49 to close nationwide, Lloyds Banking Group has confirmed. Three are in Devon.

Lloyds has been clinging on as the last remaining bricks and mortar bank in Okehampton after Barclays, NatWest and TSB all closed.

The closure will affect small businesses who still take cash and can only use the bank to make deposits as well as elderly people who prefer talking to a person instead of using a machine.

Jade Oliver-Deacon, owner of the Toy Shop, said: “As a small independent business owner the closure of the last bank in Okehampton is going to be a major problem for me. We still have a lot of customers who prefer cash payments so I will not be able to make cash deposits as easily

“There are certain times where I have to go into the bank to get change for the till but I will not have that facility anymore.

“We’re a growing town so I just do not understand why they would take away the last banking facility we have. It is just ludicrous.”

After the Okehampton branch closes in March, the nearest Lloyds bank will be in Moretonhampstead, Crediton and Launceston.

A Lloyds spokesperson said: “The way people are banking has changed, as more than ever, customers are choosing to manage their money through our app.

“The local post office offers everyday banking, with cash also available at close by free-to-use ATMs. Customers can also manage their money on our app, online or by calling us.”

The Okehampton Post Office on George Street are able to assist with cash withdrawals, cash deposits and cheque deposits.