Britannia International is to close its Isle of Man base later this year with the loss of 31 jobs.
Owners, the Co-operative Bank, has announced the Island operation will be wound down over the course of 2014.
It says it’s part of a strategy to simplify its business.
Branches in Ramsey, Douglas and Port Erin will remain open until the middle of the year.
Chief Minister Allan Bell says it’s disappointing for customers and staff alike, although not unexpected.
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676 recipients are paid more allowance than is earned on a fulltime minimum wage
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