The Cumberland Building Society has pledged to maintain its branch network across the North West and South-West Scotland, saying it will continue investing in communities as other financial institutions withdraw from the high street.
The mutual has reaffirmed its long-term commitment to the communities it serves following research showing that high street decline remains a significant concern for local residents and businesses.
Its research found that 26% of people across the North West and Scottish Borders believe the decline of the high street is one of the biggest issues facing them and their families. The figure rises to 32% in Dumfries and Galloway and 28% in Cumbria, while 27% of respondents in Lancashire and 26% in Preston also identified it as a major local concern.
The announcement comes as banks and building societies continue to reduce their physical presence across the UK. Around 6,600 bank branches have closed since 2015, according to industry figures, leaving many communities without access to face-to-face banking services.
The Cumberland said its decision followed a programme of Community Conversations commissioned by chief executive Stuart Miller, during which residents were asked what mattered most to them through drop-in sessions held across its operating area.
According to the building society, customers consistently called for branches to remain open, highlighting the importance of maintaining access to in-person banking services.
The Cumberland currently operates 31 branches across Cumbria, Lancashire, Northumberland and South-West Scotland. It said it is now the only remaining financial institution in 19 of those communities, with that number expected to rise to 20 when Santander closes its Whitehaven branch in early 2027.
Research from the Building Societies Association also points to the importance of maintaining a branch presence. It found that 91% of people believe their local branch is important to their financial wellbeing, while 75% say it makes managing their finances easier. The research also found that 96% believe branches help keep high streets thriving.
Stuart Miller (pictured), chief executive of The Cumberland Building Society, said: “These findings reflect the concerns we hear every day from the communities we serve. The high street is not just a place to shop, it is where people bank, where businesses trade and where the community comes together.
“When banks leave, they take more than a service with them. At The Cumberland, being an active member of our community is not optional, it is fundamental to who we are so we simply won’t follow the crowd and leave.
“Quite the opposite, we’ll double down by publicly committing to stay and going further with a multi-million pound investment programme into the branch network.”
BRANCH INVESTMENT
The commitment forms part of an ongoing investment programme across the society’s branch network. Branches in Carlisle English Street, Carlisle Rosehill, Egremont, Annan, Preston and Barrow have already been modernised, while refurbishment work is currently under way at the Whitehaven branch and is due to be completed later this year.
The updated branches are designed to provide accessible banking facilities alongside private spaces where customers can receive financial guidance.
Alongside its retail banking services, The Cumberland said it will continue supporting local businesses through relationship-managed commercial lending, as well as providing business current and savings accounts.
The mutual also highlighted its wider community investment, having contributed more than £1.5 million to charities and good causes across its operating area over the past five years. This included £350,000 of direct support and more than 200 days of colleague volunteering during the past year.
