A NEWLY-formed savings and loans group aims to set up a collection point in Earby, to help fill the void left by the closure of Barclays Bank.

But Colne and District Credit Union (CDCU) ruled out taking over the branch office.

David Penney, chairman of the union which had recruited 250 members in Colne and West Craven since August, said the Barclays closure crisis offered an opportunity for alternative financial services but CDCU could not step in.

He said: "We are committed to having our registered office at the Waterbridge Resource Centre in Colne and it is impossible for us to rent a second office.

"However we remain committed to developing free collection points in the Pioneer Co-op store in Barnoldswick and the Youth and Community Centre in Earby, as membership increases in West Craven and we create a pool of volunteer collectors."

The volunteer-run Credit Union offers one per cent interest per month on loans to regular savers.

Mr Penney said: "Our union's strength lies in its membership -- the more members, the more loans, the more local and accessible collection points."

Mr Penney said anyone interested in joining the union can call CDCU development worker Norman Briggs on 01282 868423.