Lloyd’s Bank has confirmed that it has “no plans” to close its Farnworth branch, despite a planning application being submitted to convert the building into flats.

Plans were submitted this month by the building's owners, Neil Pike Architects, to convert the building, in Market Street, Farnworth, into a three-storey building consisting of 18 flats.

Neil Pike Architects said in a planning statement this was because the "current lease to Lloyds Bank expires shortly."

A spokesman for Lloyds Bank, said: “I can confirm that we currently have no plans to close the Market Street branch, and our customers would always be the first to know of any changes to the branch in future.”

A list of planned branch closures on Lloyds website, which didn't include Farnworth, added: “We’re constantly transforming our branch network as we reflect changing customer demand for branch transactions and service. Sometimes this will mean we make the difficult decision to permanently close a branch. When deciding to close a branch, we take a number of factors into account to help us understand the impact on our customers and the local community.”

Kearsley councillor Mark Cunningham said it would be a disaster for residents if another local bank were to be lost.

He said: “The news that the bank could be demolished caused great concern in the community.

“Support for this from councillors seems out of touch with the opinion of local people who want to keep their local branch, the idea of just embracing a modern town centre seems to miss the point and has led to an angry reaction from residents.

“People don’t want to travel to Bolton town centre or further to do their banking many people still value the personal face to face service a branch can provide near to home and where they shop, especially the elderly, who might not have transport or don’t have internet access.

“I really think this is the wrong time to be closing Lloyds Bank just as we are on the cusp of the regeneration of the town centre.

“I have written to the Chairman and Chief Executive of Lloyds for clarification on the banks position on a number of questions. I am hopeful that if Lloyds are fully informed of the redevelopment plans underway in the town centre regeneration they may be persuaded now is not the time to consider pulling out but to stay and benefit with the community as the regeneration plans come to fruition.”