Barclays Bank in Shaw is to close in September leaving the town with only one mainstream bank.
Barclays claim only 176 customers use the Market Street branch exclusively for their banking.
They have also published figures suggesting between December 2015 and December 2017 there was a drop of nearly 4,000 transactions.
The doors will close for the final time on Friday, September 14, 2018.
Earlier this month, the Royal Bank of Scotland announced it was shutting 162 branches across the country, including in Oldham town centre.
However, RBS Shaw has survived the cuts even though it still operates part time opening hours.
But news of Barclays’ closure is another blow for the town after Shop Direct’s decision to close its operation at Linney Lane by 2020 with the loss of 1,341 jobs.
Now Shaw and Crompton Councillors have expressed their dismay at the announced closure.
Cllr Chris Gloster, Liberal Democrat Councillor for the Shaw Ward said: “With the closure of Barclays this effectively leaves Shaw with only one mainstream bank in Shaw and Crompton.
“Barclays is the only bank in Shaw now open on market day and as such, with the exception of The Post Office, people will be unable to perform any banking functions when Barclays closes.”
Cllr Gloster added: “I suppose we have to count our blessings that the Royal Bank of Scotland branch in Shaw avoided the recently announced wave of closures announced by themselves.
“However, the branch has only been opening on Monday, Tuesday and Friday for the last 12 months.
“Clearly there is an opportunity for RBS to take on more customers from Shaw and Crompton as they now have the monopoly.
“I have written to the Chief Executive of RBS suggesting that they return to five-day banking for this very reason. I await their response.”
Defending its decision, Barclays said: ”Our branch network and the colleagues who work in them remain a vital part of what we offer our customers.
“Yet with customers visiting our branches less and less each year, we must constantly assess how and why our branches are used and make decisions based on that insight.
“There will be times when this means that we will make the difficult decision to close a branch.”
Branches in Oldham (2.9 miles away), Rochdale (4.2 miles) and Middleton (5.1 miles) will remain open.