South Scotland MSP Colin Smyth has said the decision to close the Virgin Money branch in Newton Stewart, is a “huge blow” for the town and yet another “nail in the coffin” for the future of bank branches in the region.

Virgin Money has confirmed that the branch is to close in November, which means customers with the prospect of travelling to Ayr if they want to speak to their bank face to face.

The news comes on the back of the recent announcement from Barclays Bank that its branch in Dumfries town centre is also closing.

Colin Smyth said: “This news from Virgin Money is a huge blow for Newton Stewart and for all the people who regularly use this bank counter.

“Customers who wish to speak to someone from Virgin Money face to face will have to travel miles to Ayr, which is the nearest branch, it is completely unacceptable.

“Sadly, we have become used to banks axing branches on a regular basis and this news comes on the back of the recent news of the impending closure of Barclays in Dumfries town centre.

“For bank bosses, it’s about how much money they can make for themselves and how many billions they can rake up in profits and they couldn’t care less about customers in smaller communities such as Newton Stewart and the surrounding area.

“This is happening in the constituency of the Secretary of State for Scotland but he is like a rabbit caught in the headlights with no idea what to do. We need to see far more regulations of banks. Local branches should not be allowed to close without a proper consultation process and the final approval of the Financial Conduct Authority.

“There should be a presumption against closure when a branch is the last in a town or customers will have to travel an excessive distance to use the nearest branch. Newton Stewart will soon be down to one bank branch and the Post Office and that is deeply worrying.

“This closure really is another mail in the coffin of banking on our region and if we don’t start to take action to save bank branches, they will soon become a thing of the past in many communities and that won’t just be small rural villages and towns.”