The Royal Bank of Canada on Main Street in Beeton is the only bank in town, and now it's also closing up.

“We will be consolidating our Beeton branch into our Alliston location. The decision was a difficult one and made only after careful consideration of how we can best serve our clients in the community,” RBC said in a statement.

RBC also adds that all Beeton employees will remain employed.

People who live and work in the small town are disappointed with the bank's pending closure.

“I am so upset about it. The whole town is upset; what are the older people going to do? What am I going to do when I don't have my licence anymore?” a resident said.

Despite expected growth in and around town RBC says there weren’t enough customers to keep it open.

“It's a developing community; a new generation is coming. The people rely on the bank, and you know it's really going to affect me,” Diana Paulse, owner of Beeton Barber Shop and Nails.

RBC has scheduled a public meeting for March 11th at the community centre to answer any questions residents may have