Following the shock announcement that three Penrith bank branches are set to close in the next few months, a historic building society has stepped up to confirm its commitment to the town.
Two Barclays banks in Eden are on a list of branches which will close this year — Penrith’s on 17th April and Kirkby Stephen’s on 12th April.
Penrith suffered a double blow with the announcement that its Halifax and Lloyds bank branches are to close on 19th March. But the picture is not all doom and gloom.
Penrith Building Society, which has been operating out of its King Street premises since 1969, has a new chief executive who says the annual meeting in April will be an opportunity to spell out how the society intends to carry on at the heart of the community.
Zack Hocking took over the top job at the turn of the year and says he is looking forward to leading an exciting period of growth for PBS.
“I am delighted to have joined the society and feel very fortunate to be working alongside finance director Elspeth James and the great team we have here,” he told the Herald.
“Penrith Building Society is an extremely important community business. We exist only to serve our members, most of whom live in or around the Penrith area.
“We have been providing savings and mortgages since 1877, and have had our King Street branch since 1969. At a time when we are seeing some of the other banks in Penrith close their doors, we can reassure all our current and future customers that we are fully committed to maintaining our branch service and opening hours.”
Finance director Elspeth James added: “The society is pleased to be welcoming a new chief executive who is customer focused and recognises the need to offer financial services to members in the way that best suits their need — whether that is online for convenience in busy lives or through personal contact and cash access that a branch service offers.
“The closure of local bank branches is a concern for our town, as for many these were a point of social contact and a personal service which a small community like Penrith thrives on.
“High streets across the UK are losing banks and shops and local councils need to look at ways of attracting retail or other community led ventures to fill these vacant units, encouraging footfall and ensuring social contact, which we all need, remains.”
Zack added: “If you are affected by one of the other banks closing and need a new home for your savings, or are interested in enquiring about a mortgage, we’d be delighted to help.
“The society have some exciting plans for the year ahead, including the introduction of a fully digital and on-line service for savings accounts, giving our members increased choice as to how and when they interact with us.
“Our mortgages will continue to be led by manual underwriting, providing an option where a mainstream lender may have said no and again the benefit of a local team who you can meet face to face.”
The society will announce its financial results at the end of this month, before holding its annual meeting at the Penrith Parish Centre in April, where all members will be invited to meet Zack and the team and understand how the society intends to remain at the heart of the community moving forward.
