The UK's last independent bank has opened its first branch outside its traditional heartland.

The Airdrie Savings Bank is being backed by some of Scotland's highest-profile business figures and has been dubbed "the People's Bank" because of its cautious approach to lending, with accounts available to be opened for as little as 5p.

On Thursday, Sir Brian Souter officially opened the new Falkirk branch of Airdrie Savings Bank.

As one of the bank’s supporters, the Stagecoach founder was joined by Bank President Robert B Boyle to mark the opening of the branch on Falkirk High Street with a traditional ribbon-cutting ceremony.

The new branch will employ five full-time members of staff and is the first time that the UK’s only independent bank has operated outside of its Lanarkshire base since it opened 175 years ago.

New manager Shirley Reid, who joined the group straight from school 11 years ago, said she was looking forward to the challenge of running the new branch.

She said: “Our expansion out of Lanarkshire represents an exciting step forward for Airdrie Savings Bank and hopefully Falkirk will be the first of several new branches across the country over the coming years.

“Personally, I’m looking forward to the challenge of managing my own branch in what is new territory for ASB. We’ve recruited a really strong team in the town and have already had lots of interest from local businesses and individuals who are attracted to our traditional approach to banking.”

Last year a group of high profile Scottish business figures, including Brian Souter, Ann Gloag, Ewan Brown, Alastair Salvesen and Sir Tom Farmer came together to deposit around £10m into the bank to support its expansion.

After a extensive consultation process, Falkirk was chosen as the location of the new branch as a result of increasing consumer and business demand for the Airdrie Savings Bank’s traditional approach to banking.

Airdrie Savings Bank currently has seven branches across Lanarkshire and was established in 1835 as part of the “thrift” movement.

As such, new customers still are allowed to open accounts with a deposit of only 5p.

Falkirk East MSP Angus MacDonald, who petitioned bosses at the bank to consider moving to Falkirk, said he was delighted with the move.

He said: “This is great news for the people and businesses of Falkirk.

“I am absolutely delighted that Airdrie Savings Bank has opened their first ever branch outside Lanarkshire here in the Falkirk District.

“Given the problems with the national banks I am sure businesses and individuals the length and breadth of Falkirk District will welcome a branch of the Airdrie Savings Bank.

“Airdrie Savings Bank represents what Scottish banks must stand for – security of funds, a focus on savings and outstanding personal service.

“It is refreshing to see a local bank engage positively with the business community. It is even more refreshing to see a bank which still holds on to its traditional values, which are testament to the Bank’s survival during these turbulent economic times.”