A drop in customer demand is behind the closure of three Isle of Man Bank branches, according to managing director Bill Shimmins.

The banks in Onchan, Ballasalla and Prospect Terrace, Douglas (pictured), will close their doors for good next February.

It follows the closure of branches in Kirk Michael last year and Laxey in January.

Mr Shimmins said it was a difficult decision but pointed out that customer use has dropped by 30 per cent, while online transactions have grown by more than 200 per cent. A mobile banking facility is being introduced in village communities.

Mr Shimmins said: 'When we close a branch, we always make sure that our customers still have access to banking services, which is why we are introducing the mobile branch, which will serve more communities than before. In many cases, our customers will still only be a few miles away from a branch. For our Prospect Terrace and Onchan customers, the Athol Street and Regent Street branches will be the nearest alternatives - less than 0.5 miles and 3 miles away respectively. For our Ballasalla customers, the nearest branch is Castletown, 2 miles away.

'It is our intention to locate two additional cash machines in the Spring Valley and Onchan areas and we expect to have them operational at the time of closure.'

Two members of staff are at risk of redundancy while all other roles will be redeployed.

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