BRANCHES of Cheltenham & Gloucester in Dursley and Wotton-under-Edge are to change hands as part of a national banking transfer.
However, customers at the local branches are being reassured there will be no change to the service they currently receive and there will be no jobs losses or branch closures.
The transfer is part of the £750 million deal between Lloyds Banking Group (LBG) and the Co-op.
The Co-op announced today, Thursday, July 19,  that it had agreed to buy 632 branches from LBG including all of its 165 Cheltenham & Gloucester branches.
The deal will mean the Co-op will have almost 1,000 branches across the country and represent nearly 10 per cent of the UK’s banking network.
Peter Marks, Group Chief Executive of The Co-operative Group, said: "We’re delighted to be announcing that we have reached agreement in principle with Lloyds Banking Group on the terms of this important and transformational transaction.
"This deal would deliver the biggest shake-up in high street banking in a generation. Consequently, we believe this would be a great deal for customers, for the public, for UK banking generally and for The Co-operative Group, in particular."
The sale was demanded by European regulators after Lloyds was part-nationalised in 2009 – the bank remains 40 per cent owned by the taxpayer.
In statements released by both the Co-op and Cheltenham & Gloucester, customers have been told there will be little change, but all current accounts and mortgages are expected to be transferred.
The banks also confirmed no branches would close and there will be changes to staff.
The Co-op and LBG have said they will write to customers once the agreement has been finalised.
The deal is expected to be agreed by November next year but is conditional to approval from the Financial Services Authority, HM Treasury and the European Commission.