TSB has announced that its Radcliffe bank will be one of 164 branches to close next year.
The bank in Market Place is set to shut on February 3 2021 and the closure means that the town will be left with no banks at all, following the closure of Halifax last year.
Due to the other imminent TSB closures in Greater Manchester, including the Prestwich branch and two branches in Bolton, the nearest TSB to Radcliffe will be in Middleton - around seven miles away.
TSB said that the decision has been made due to more people using digital banking or visiting the Post Office, rather than doing their banking in branch.
A spokesman said: "We’ve looked carefully at our Manchester, Radcliffe branch and how it is used, and we’ve taken the decision to close it.
"The way customers bank with us is rapidly evolving with the vast majority of everyday transactions now being done digitally. Over 2.1 million of our customers now choose to bank online, and over 1.3 million use our Mobile Banking App.
"Even prior to COVID-19 customers were choosing other ways to bank with us, with 50 per cent using services at our cash machines, and 20 per cent using a Post Office. Sixty seven per cent of all our customers are now using mobile, online or telephone banking, and at this branch 77 per cent of our personal and 82 per cent of our business customers, now choose to use another branch or channel instead."
Radcliffe East councillor Rhyse Cathcart chairs the town's regeneration group and described the news as a "shame", suggesting it could have a negative impact on elderly people.
He said: "Obviously when I think about what we are doing in terms of regeneration, it's a shame to lose the last banking facility in the town.
"I will speak to the leader to see if we can communicate with TSB or get them to do anything to change their minds.
"The problem with closing down front facing shops is that elderly people are used to the routines and they like going in and having a relationship with someone.
"Its not just about going into a place to put in your money or draw your pension, it's about feeling safe and secure. If someone's been with a bank a long time it can be daunting. The impact on people's mental health in the current climate is something to really think about."
