A MONEY expert has urged residents in a town left without a bank to set up a community bank to serve their needs.

Dave Fishwick, of Channel 4’s Bank of Dave, visited Shildon, County Durham, to meet residents as part of a national tour.

He helped set up a community bank in Burnley, in Lancashire, and now he wants to help other struggling communities do the same.

He spoke to a group of locals who saw Shildon’s last bank, HSBC, close its doors on October 12.

Mr Fishwick said: “The closure of the bank could be the start of the end of the town.

“There is a fantastic spirit in Shildon and I think a community bank is here is very viable and with a bit of hard work it could be set up.”

Councillor Brian Stoker, mayor of Shildon, said: “We used to have a community bank in Shildon.

“There was the South West Durham Credit Union that was going for a few years but then it ended and people got their money back.

“If it was decided a community bank would benefit the town then I would support it 100 per cent.”

Mr Fishwick is to address MPs in the Houses of Parliament on November 6 to raise awareness of banking issues facing communities.