Grand Manan delegate meets in Ottawa about Scotiabank’s pending island departure

A delegation from Grand Manan, N.B., is back on the island following a meeting in Ottawa with federal government officials this week about the pending closure of their community’s only bank.

The Bank of Nova Scotia, or Scotiabank, notified customers of its plans to leave Grand Manan in January. The closure of the bank branch, along with its automated banking machine, is scheduled for Aug. 24.

Island residents had been pushing for a meeting with the Department of Finance, with the assistance from Conservative New Brunswick Southwest MP John Williamson.

Grand Manan Mayor Bonnie Morse and village councillor Gregg Russell met with senior officials from the department on Wednesday. Russell said the meetings went well, but acknowledged federal officials had no regulatory authority over Scotiabank’s decision to stay or leave.

“We will continue to work with that office to see if we can bring this to a positive outcome,” said Russell. “I have some hope that there’s something that can be done.”

In written statements, Scotiabank said its decision to leave Grand Manan was the result of customer numbers being reviewed in the market. The bank wouldn’t share those specific details when asked by CTV.

Last month, New Brunswick Premier Blaine Higgs said it was difficult for him to condemn Scotiabank’s decision without knowing exactly why they did it.

“It’s hard for us to be in a position to say about a private company where they locate and where they don’t locate,” Higgs told CTV Atlantic on May 31.

Scotiabank has repeatedly said its decision to leave Grand Manan was final.

Protests against the bank closure have been held both on and off the island. Russell said the community will ponder its next steps.

Grand Manan’s bank closure is part of a growing trend in the province.

According to the Canadian Bankers Association, New Brunswick lost 10 bank branches – from 152 to 142 – between 2016 and 2020.