Grand Manan Will Lose its Only Bank in August 2022

The Village of Grand Manan is set to lose its only bank on the island this summer. Scotiabank plans to close the doors to its Grand Manan location on August 24, 2022. 

"People are obviously very upset and concerned about what is going to happen in August," says Village of Grand Manan Mayor Bonnie Morse. "A lot of the things that you take for granted that you can do at your local branch--we are no longer going to have those services." 

While Scotiabank says it is amalgamating its Grand Manan location with its St. George location, islanders will have to travel an hour and a half by ferry just to get to the closest bank.  "We were initially told that this was just going to be a consolidation with the St. George branch, but anyone who's been to Grand Manan knows that going to St. George isn't like just going across town to go another institution. It's literally an eight-hour trip by the time you go back and forth with the ferry connections," says Morse.

The local bank closure poses problems not only local businesses and fishermen, but also tourists visiting the island and retired islanders who are not accustomed to banking online. "When pension day comes, that's the busiest day at the bank. Seniors are there cashing their cheques and paying their bills," says Morse. "And for our business community, which is primarily fish and tourism, there are a lot of cash transactions with both of those industries. Every day change and coinage and daily deposits are facilitated by having a local bank. This is going to be a major challenge."

Morse says village council and the community is trying to find a solution before August. "We are wracking our brains and reaching out to other banking institutions trying to find a solution," says Morse who also says there is a petition circulating online asking for signatures of support to save the local bank.