Following a comprehensive strategic review, the bank’s board and executive team found that, although it was financially strong, it would not have the resources in the years ahead to provide the products and services its customers needed in an increasingly digital world.

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In a statement on the bank’s website it said: “As you may know, we have found it increasingly difficult to maintain our position as a small independent savings bank in today’s highly competitive financial world. 

“In recent years, this has forced us to take some difficult decisions – including the closure of several branches – in a bid to tackle a shrinking customer base, declining footfall across our network and ever-rising operating costs.”

Customers have now been asked to move to an alternative banking provider and, as part of the closure, Airdrie Savings Bank has established a new business relationship with TSB which will include transferring all secured customer loans and mortgages to TSB.

The bank, which offered business loans, buy-to-let products and mortgages, revealed that it would be closing its Coatbridge and Bellshill branches.

The main Airdrie branch and head office in Stirling Street will remain open for as long as it takes to help support customers to transfer their banking business to alternative providers.

However, the bank expected to close this branch before the end of 2017.

Airdrie Savings Bank said it would soon write to all of its customers to explain what they need to do and the full range of support it is offering.