AN initiative to combat loan sharks has been officially launched by Middlesbrough mayors both old and new.

The community bank was formally opened the current Mayor Andy Preston.

South Tees Community Bank opened earlier this year and offers support to those in financial hardship, who may otherwise be turned away by major high street names.

The bank is run by the Moneywise Credit Union and offers all of the services that a regular high street bank would, which include current accounts, online banking and loans.

The initiative was kick-started by former Mayor Dave Budd, who was among the guests at the launch event.

Moneywise CEO Symon Agnew said: “The community bank is delivering real alternatives to high-cost lenders and support for those who cannot access high street banks.”

Success stories include accounts being opened for people who have moved onto Universal Credit or who had been relying on food banks.

Mr Preston said: “Sadly there are those who will prey on the most deprived and vulnerable in our communities, leaving them locked in a vicious spiral of debt and intimidation.

“The community bank is a vital local tool to help us break that cycle and protect people from unscrupulous high-interest lenders and loan sharks.”