Village Council: Local Grand Mananers Propose A Credit Union After Bank Closure

Translate video
To translate this video to French or another language:
  1. Start playing the video
  2. Click CC at bottom right
  3. Click the gear icon to its right
  4. Click Subtitles/CC
  5. Click Auto-translate
  6. Select language you want

Village Council: Local Grand Mananers Propose A Credit Union After Bank Closure

Grand Manan residents Mike Munro and Lauren Martin are working to open a credit union on the island. Scotiabank closed the doors to Grand Manan's only bank last August, leaving islanders with an approximately 8-hour round-trip to the mainland to get to the closest bank. Munro and Martin are proposing a joint credit union and health centre to take over the former Scotiabank location. A credit union, essentially, is a financial co-operative owned and operated by its members.They presented the proposal to Grand Manan Village Council during the regular January meeting.

“It’s unlikely a big-six bank would come back, but a credit union could work for us,” said Munro during the presentation to council.

Munro and Martin, who currently own and operate the island's only pharmacy, are aiming for the proposed credit union to have an ATM, personal and retail banking, and eventually even be able to provide small loans.

A recently established Facebook group called "Help Form a Grand Manan Credit Union" already has 700 members, a healthy early showing of support considering the island has just 2,400 residents. With enough support on their side, the next step for Munro and Martin will be to fulfill the requirements of the Credit Union Act to obtain government approval. At the present moment, 10 island residents have pledged to be a part of the credit union.

“This is the beginning of the process, not the end of the process. We’re still many months out from that being able to happen, but we’re working through the process pretty diligently,” said Munro.

Comments

We encourage comments which further the dialogue about the stories we post. Comments will be moderated and posted if they follow these guidelines:

  • be respectful
  • substantiate your opinion
  • do not violate Canadian laws including but not limited to libel and slander, copyright
  • do not post hateful and abusive commentary or any comment which demeans or disrespects others.

The Community Media Portal reserves the right to reject any comments which do not adhere to these minimum standards.

Video Upload Date: January 20, 2023

Charlotte County television is New Brunswick's only source for independent community television. Since 1993, CHCO-TV has been providing  Southwest New Brunswick with locally-produced content made by community it serves.

The mission of CHCO-TV is to promote community media and to encourage, educate and engage residents in Southwestern New Brunswick, to use new media and technology, to improve civic involvement, learn new media skills and enhance the culture, the economy, health and quality of life in New Brunswick.

Maritimes
-
Charlotte County NB

Recent Media