Grand Manan Island loses its only bank
Grand Manan residents who want to go the bank will soon have to make a day trip, including a ferry ride.
Scotiabank is the only bank with a branch in the community and has been there for decades. This summer it will be consolidated with the St. George branch, about 2½ hours away from the island by ferry and car.
"This decision has been made as a result of a fulsome business review," the bank said in a statement. "We feel that this relocation will help us provide better service and greater resources to our customers in both the Grand Manan and St. George communities."
Bonnie Morse, the mayor of Grand Manan, said the news came as a shock and a blow to the community of about 2,400.
"It's an eight-hour round trip just to go to the bank," she told Information Morning Saint John. "It's not really that practical an option for anybody here on the island."
Morse said if a resident leaves on the 7:30 a.m. ferry, they'd get to Blacks Harbour at around 9 a.m., then drive another hour to St. George.
"You can't get to St. George and back in time for the next ferry," she said. "You couldn't come back till 1:30, which would put you back [on the island] at 3:30."
The Scotiabank branch in Bath, near Florenceville-Bristol, will also be closed.
The bank said people can still use their telephone and online banking, as well as a priority line service for seniors over the age of 75.
Morse said people like seniors who are in a cash mindset pay their bills in the bank. There are also cash-based businesses that need change, especially in the summer during peak tourism season.
"It puts a huge burden on them if they can't access those services here locally," she said. "While tourism is a huge part of our economy year-round, we have a very active fishery," she said. "We have the agriculture industry. I mean, we have a really good economy here on Grand Manan."
Morse said she suggested the bank reduce services or find a workaround to closing.
In its statement the bank said, "this decision is final."
Looking for a new bank
Morse said the island's next step is to reach out to other banks to see if they can open a branch there.
Since the COVID-19 pandemic began, the island has also lost its dentist office and funeral home.
"The first two were retirements, and there just wasn't an opportunity to attract someone to move to the island to take over that business," Morse said. "This one, I really don't know what it is."
The bank officially closes on Aug. 24. Council will try until then to find a bank replacement.
"One thing Grand Mananers do know how to do, it's how to support local business, and I know people would be very appreciative and very supportive if that happened," she said.
