COUNCILLORS have condemned a decision to close a bank in Aberdare and have demanded the decision be reconsidered.
Lloyds Bank has announced plans to close its branch in Canon Street on June 23 this year and a notice of motion from Labour councillor Steve Bradwick and approved by Rhondda Cynon Taf (RCT) full council on March 4 condemned this decision saying it was “prioritising profit over its social responsibility to customers and communities”.
It requested the council leader writes to Rhondda Cynon Taf’s MPs urging them to join the council’s campaign and use their positions to press the UK Government for stronger protections for communities facing the loss of essential banking services.
It also requested the leader writes directly to Lloyds Banking Group demanding they reconsider this decision and use a fraction of their recent profits to maintain a meaningful physical presence in towns like Aberdare rather than rewarding shareholders at the expense of local people.
And it requested the council leader write to the Financial Conduct Authority (FCA) and the UK chancellor formally registering the council’s opposition and asks what further actions can be taken to ensure that residents receive the banking facilities they require.
The motion also said the council notes the “inadequacy” of Post Office alternatives which cannot provide the full range of financial services, business support, or security offered by a dedicated bank branch.
The council also notes the “deep sense of betrayal” felt by residents who supported these institutions through difficult times only to see them withdraw from communities.
The motion said the announcement by Lloyds Banking Group that it will close its Aberdare town centre branch is a “bitter blow” for the community.
“If this proposal proceeds it will result in the loss of the last dedicated bank branch in the town centre.
“This decision shows disregard for the banking needs of residents across the Cynon Valley, particularly small business owners and vulnerable members of the community.
“Our towns have faced a steady erosion of banking services over the last decade driven by financial institutions intent on pushing customers towards online banking. This is despite the loyalty those same customers have shown for generations.
“While digital banking continues to grow a significant proportion of the population still relies on face‑to‑face services including older people, disabled residents, those on low incomes, and those without reliable internet access.
“Removing physical banking provision only deepens the digital divide.
This closure is equally being proposed at a time of record-breaking profits for the banking sector. Lloyds Banking Group reported pre‑tax profits of £6.7bn in 2025, which represents a 12% increase, whilst the UK’s ‘big four’ banks collectively recorded profits exceeding £45bn in 2024.
“These enormous profits stand in stark contrast to the withdrawal of essential services from the very communities that helped sustain these institutions, including during the 2008 financial crisis.
“Every town in Rhondda Cynon Taf has been affected by bank closures in recent years, leaving many residents facing long and difficult journeys just to access basic financial services.
“Should this closure proceed it will have a damaging impact on the local economy.
“The council and local businesses have worked tirelessly to ensure Aberdare remains a thriving town centre capable of meeting modern challenges.”
A Lloyds spokesman said: “Customers want the freedom to bank in the way that works for them and we offer more choice and ways to manage money than ever before.
“In addition to our app customers can use the local Post Office or walk into any Lloyds or Halifax branch to manage their money and can also deposit cash at PayPoint locations.
“We’re giving our customers the flexibility to bank wherever and whenever they need us.”
They said customers can use any Lloyds, Halifax, or Bank of Scotland branch for their banking alongside other options such as the nearby Post Office, app, online, telephone banking, and free-to-use ATMs.
They also said customers can pay in cash at PayPoint locations using the app cash deposit feature or debit card.
Lloyds said it is contacting customers to let them know about the alternate local banking services available.
