N.B. MP pushes for Grand Manan Island's only bank to stay open due to 'unique situation'

A member of parliament is asking to meet with Canada’s finance minister in a bid to save the only bank on a remote New Brunswick island.

Scotiabank is scheduled to close its Grand Manan branch on Aug. 24. The bank will also close its two automated bank machines that same day.

Scotiabank said all customer accounts will be forwarded to its nearest branch in St. George, N.B.

Grand Manan’s only regular connection to the mainland is a one-and-a-half hour ferry trip each way. The St. George branch is about 20 kilometres from the ferry’s landing in Blacks Harbour, N.B.

“Leaving the island is a full day trip,” said New Brunswick Southwest MP John Williamson. “I hope the island’s unique situation will cause bank officials to rethink this.”

Williamson said he’s requested a meeting with Finance Minister Chrystia Freeland in an effort to reverse the bank’s decision.

“I recognize a lot can be done online today, but not everything, and certainly not with an economy like Grand Manan where it is a successful fishing economy, as well as a very busy tourist centre over the summer,” said the MP.

The Department of Finance issued this statement late Tuesday:

"We are very aware of this issue and the concerns raised by the residents of Grand Manan," said press secretary Adrienne Vaupshas in an email to CTV Atlantic. "Our office hopes to speak with the local municipality and local MP very soon."

Williamson said he’s also requested a meeting with the CEO of Scotiabank. There was no immediate response to his request from Scotiabank.

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.

“I guess we’d be interested to know what the conditions were. Were people not using the bank? Because there certainly seems to be enough economic activity on the island that would suggest it could have its own bank. It has for many years. But I guess that would be the question I would ask.”

In a statement earlier this month, Scotiabank said the decision to leave Grand Manan was based on a regular review of customer numbers and habits. When asked to elaborate on those details by CTV Atlantic, Scotiabank wouldn’t offer any specifics.

ISLAND RESIDENTS CONTINUE PROTESTING

Meanwhile, residents of Grand Manan are planning to move their protests off the island to Fredericton later this week, outside the provincial legislature and the Scotiabank’s main branch in the capital’s downtown.

Williamson said, when banks rallied against competition from foreign financial institutions to the federal government, community service was used as an argument.

“They made the case that not only were they well positioned to do that, they argued it was a reason why the government of Canada should continue to keep foreign banks out,” said Williamson. “OK, fair enough. They continue to be protected. But I think it’s on them, in this case the Scotiabank, to continue serving a place like Grand Manan.”

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.

The only banks in Chipman, N.B., and Hartland, N.B., left those communities in that time.