The move leaves only one bank – the First Trust – operating in the town after Ulster Bank announced it was closing not only the branch, but removing the cash machine as well.
Councillor Patrick Clarke said: “This is an extremely worrying development and I am disappointed by Ulster Bank’s decision to close its Newcastle branch.
“Newcastle is a thriving, growing town, full of business and tourist opportunities. Ulster Bank’s decision leaves just one existing bank in the town and could hinder the on-going growth in the area.
“This decision is also a severe blow to local businesses and the wider community and will impact those who prefer to access services on their doorstep, as opposed to online. In the coming weeks I’ll be working to ensure Ulster Bank employees works closely with local people to offer any and all assistance needed.”