Banking services are also offered at the nearby Post Office, the company added.
Four staff will be affected by the closure, but it is understood there are no compulsory redundancies.
Darling said: “It feels very much that it is just a numbers game.
“Large banks do make significant profits. What are they actually putting back into communities? How are they looking after our town centres?”
He said the decision was made without taking account of changes over the next few years in Torquay town centre as a result of government Town Deal investments.
He said services at Post Office counters are currently limited.
“The perfect solution is to keep the banks open, but the economics go against that,” he added.
“We need to ask the banks how they are adding to the viability of our high streets.”
A Lloyds spokesperson said: “As many customers now choose to bank through their mobile app or online, visits to our Fleet Street Torquay branch have fallen over recent years.
“When the branch closes, customers can continue to manage their money online, by calling us, in person at the Paignton branch, or at the nearby Post Office on Union Street.”