Princess branch of the Bank of Butterfield will close, the bank said yesterday.

In announcing the June 30 closure, senior vice-president, retail banking Mr.

Wendell Emery said the most recent robbery in October "probably helped us in our decision-making.'' But it was not the only reason, Mr. Emery told The Royal Gazette .

The branch was "no longer viable,'' based on its cost and volume of business, Mr. Emery said.

The bank hoped to relocate the ten branch employees to other jobs with the Bank of Butterfield, Mr. Emery said.

The branch was robbed at gunpoint last October and in October of 1983. And in 1990, a man with a machete robbed the Southampton Princess branch.

The need the most recent robbery highlighted for increased security, "all rolls up into part of the expense,'' he said.

Aside from lack of profits, "the ongoing trend towards electronic banking has shown, over the past few years, a substantial change in the nature of banking transactions that are conducted through this branch.

"Customers can now satisfy most banking needs including cash withdrawals, deposits, balance information, utility bill payments and credit card payments, without having to visit a banking branch.'' And automatic teller machines were available around the Island, 24 hours a day, he said.

Still, Mr. Emery did not expect any other branch closures in the near future.

Formerly a branch of the Bermuda National Bank, the Southampton Princess branch was acquired by the Bank of Butterfield in 1981. It has been the bank's only premises not owned by the bank.