Why Staying on the High Street Still Matters
Across the UK, the story has become familiar. Bank branches close, high streets lose another anchor institution, and communities are left with fewer places to access essential financial services.
Since 2015, around 6,600 bank and building society branches have closed across Britain. The impact extends far beyond banking. It affects local businesses, older residents, vulnerable customers, and the vitality of town centres that depend on trusted institutions remaining part of everyday community life.
At The Cumberland, we've made a different choice
We're publicly committing to staying in the communities we serve, backed by a multi-million-pound investment in our branch network. This isn't simply about maintaining buildings. It's about maintaining relationships, supporting local economies, and ensuring face-to-face banking remains available where it matters most.
Listening before deciding
This commitment wasn't made in isolation.
Over the past year, our CEO Stuart Miller commissioned a series of Community Conversations across our heartland. We met residents in shopping centres, listened to customers, business owners and community groups, and asked one simple question: What matters most to you?
The response was remarkably consistent
People told us they value having a financial institution that remains part of their community. They wanted branches to stay open. They wanted access to people who understand their circumstances. And they recognised that when banks leave the high street, communities lose far more than somewhere to withdraw cash.
These findings reflect a wider national picture
Research from the Building Societies Association found that:
- 91% of people believe their local branch is important to their financial wellbeing.
- 75% say having a local branch makes managing money easier.
- 96% believe branches help keep high streets thriving.
Being there when others aren't
Today, The Cumberland operates 31 branches across Cumbria, Lancashire, Northumberland and South West Scotland.
We are now the only remaining financial institution in 19 of those communities. When Santander closes its Whitehaven branch in early 2027, that number will increase to 20.
That places a significant responsibility on us
For many customers, particularly those who value personal support or need help navigating important financial decisions, our branches remain an essential service. For local businesses, they provide access to relationship-led banking that understands regional economies and local ambitions.
Investing for the future
Staying isn't enough on its own.
We're investing in modern, accessible branches that reflect how customers want to bank today. Recent refurbishments in Carlisle English Street, Carlisle Rosehill, Egremont, Annan, Preston and Barrow have created welcoming spaces that combine everyday banking with private areas for financial guidance. Whitehaven is currently undergoing the same transformation.
At the same time, we're continuing to support local businesses through relationship-managed commercial lending alongside current accounts, savings products and mortgages.
Beyond banking, we're committed to strengthening the communities we serve. Over the past five years we've contributed more than £1.5 million to charities and community causes, including £350,000 last year alone, alongside more than 200 days of colleague volunteering.
Banking has always been about people
As Stuart Miller puts it:
"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 fundamental to who we are. We won't follow the crowd and leave. Instead, we're committing to stay and investing in our branches for the future."
In an increasingly digital world, technology will continue to play an important role in banking. But digital and local don't have to be competing priorities.
We believe communities deserve both.
That's why we're choosing to remain on the high street; supporting customers, backing local businesses and investing in the places we've proudly called home for generations.