Leader of the National Party David Littleproud called on NAB to review its decision after it announced the closure of Oberon's brick and mortar branch.
The Lithgow and Oberon branches are the latest of nine NAB branches in regional areas to close, which will come into effect on April 23.
Mayor Statham said that while the decision came as no surprise to her due to the closures of other banks in area, it is a sad outcome.
"I think it's a real shame. A lot of people, particularly the elderly, have been using the banks for decades, some of them don't know how to transfer money. Some of them don't know how they're going to cope without a checkbook," Cr Statham said.
"I feel very sad that there is another bank in town closed. And I'm sure the Mayor of Oberon would feel exactly the same."
Echoing the comments of his Lithgow counterpart, Oberon mayor Mark Kellam said the closure was expected but could have been communicated better.
"I'm certainly not pleased in terms of the way it was announced," he said. "I got a call at nine o'clock in the morning saying 'oh by the way we're closing on the 23rd of April'."
Cr Kellam added he held little hope of the town's Commonwealth Bank branch remaining open in the long term - citing reduced opening hours.
As for the NAB closure, Oberon Council will facilitate an information session in the coming weeks.
"There's the older customers who are very used to going to the bank and getting their money out in cash," Cr Kellam said.
"They can do that with the post office bank using their NAB account but they need to be given some help in how that's going to happen."
Mr Littleproud said the closure of the Lithgow and Oberon NAB branches is a devastating blow to loyal regional customers.
"NAB's decision will now mean Lithgow locals will be faced with an 80-kilometre round trip to their nearest branch in Katoomba, while Oberon customers will have a 92-kilometre round trip to their nearest branch in Bathurst," Mr Littleproud said.
"I call on NAB to review this decision and reconsider closing the two branches especially when the Commonwealth Bank has announced they have put a moratorium on branch closures."
The closure of the NAB branch leaves the Commonwealth Bank, St George and Family First the only remaining brick and mortar banks in Lithgow.
According to Mr Littleproud a Senate enquiry into the closure of the big four banks in regional areas is underway and he is calling for anybody affected to make a submission.
"Submissions into this inquiry have been extended until February 29 and I urge anyone impacted by these closures to make a submission," Mr Littleproud said.
To enter a submission, visit: Lodge my submission.