Grand Mananers lost their only bank, so now they're working to start their own
Support is coming together to establish a credit union on the island
CBC News ·
A
protest lawn art display on Grand Manan in response to the bank closure
in the summer of 2022. Despite the outcry, the Scotiabank still closed,
and the island has been without a bank for months. (Submitted by Sean Doucet )
Grand Manan residents are working to start their own bank after the only one on the island closed last summer.
Mike
Munro and his partner Lauren Martin own and operate the only pharmacy
on the small island off the southwestern tip of New Brunswick. They are
proposing a joint credit union and health centre take over the former
Scotiabank location.
They presented the proposal to Grand Manan village council recently, hoping to gain support.
"It is still a bit of a long road, but we've made some key steps," Munro told Information Morning Saint John.
"It
would be nice because we wouldn't be at the whim of one of the big six
banks anymore," Munro said. "It would be looking out for our community
as opposed to you know shareholders' bottom line."
The Grand Manan Scotiabank was the island's only bank for over a century. (Roger Cosman/CBC)
According
to Finances and Consumer Services New Brunswick, a credit union is a
financial co-operative. Members own and operate it, and anyone who uses
the bank is a member.
Profits are shared among owners, the
agency's website says, and the union is governed by a volunteer board of
directors elected by the membership.
The village of about 2,400
lost its only bank last August, when the Scotiabank closed after almost
100 years of service. Now, the closest bank is about 2½ hours away from
the island by ferry and car.
Munro said this has had a huge impact on the local residents and businesses.
"[It's] tough on the small community. And it can lead people to to think that maybe things could change or get worse," he said.
Online
banking is still available, but that does not help the cash-only
business owners, employers and seniors who don't use the technology.
Munro
said island residents can fill out a form about what they're hoping to
see at the new credit union. He said since the presentation to council,
hundreds have filled out forms saying they want to volunteer, or they
want to help invest.
"So it is going quite well considering it's
only been public for about a week," he said. "Everybody who wants to be
involved and everybody wants to help will increase the chance of making
this reality."
ATM, loan services
Next steps include
meeting the requirements of the Credit Union Act to gain government
approval, which is a roadblock he hopes to clear before the end of the
year.
"We're optimistic, but still cautious that there's some roadblocks ahead," he said.
If
all goes to plan, the credit union would have an ATM, personal and
retail banking, and in time it could expand to provide small-loan
services.
Alison MacDonald, spokesperson for Atlantic Central, the
trade association for credit unions in Atlantic Canada, said there are
six New Brunswick credit unions in total, and none are on islands. In
Atlantic Canada, there are a total of 44 credit unions, she said.
Health centre plan
The
plan for the health centre could happen even earlier than the bank,
Munro said. Right now, going back and forth to the mainland involves a
$27 ferry, the cost of fuel, and at least two hours of travel time.
"It
can be quite expensive to go do something such as, you know,
physiotherapist, massage therapist, acupuncture or something that we
don't really have on on the island ourselves now," he said.
The plan is to get some health professionals willing to come over to the island on a rotational basis.
"We're hoping late spring or early summer we'd be all set up in place and ready to start seeing patients," he said.
The goal is to get people to feel some hope.
"We want to try and fill that space with a bit of positivity and say look at this beautiful place," Munro said.
"These
are all the things that we can start bringing back to this island, and
hopefully that will help change some attitudes, and people will think
seriously about looking at this as a place to live and work."
WIth files from Information Morning Moncton and Saint John
Methinks many folks know that Mike Munro was
not the first dude to suggest that the Grand Mananers should create a
credit union N'esy Pas?
Harvey York
Reply to David Amos
Let me guess....It was you!
Al Clark
Reply to David Amos
With butter tarts no doubt
Hugh Smith
Reply to Al Clark
Hopefully Pecan Butter Tarts
JOhn D Bond
Good luck to them. The cost of setting a Credit Union
up, operating it and staying liquid and being allowed to operate is no
small feat. Lot of $ and specialized skills needed to meet the
regulatory framework.
Personally not sure an extremely small population will
be able to support one for more than a short period of time.
David Amos
Reply to JOhn D Bond
So you say
Greg Miller
Can a population of about 2600 maintain its own bank? I think all I would need would be a "cash machine".
Hugh Smith
Start a credit union.
Timothy Edwards
Reply toHugh Smith
Now there's an idea they should write about...
Hugh Smith
Reply toTimothy Edwards
A credit Union would better then setting up a
bank for many legal reasons. Everyone involved in the credit union would
be a shareholder thus having a say on how the financial institution is
managed on the island.
Mark Atkinson
Reply toHugh Smith
Lol Hugh he's picking on you, the whole article
is about what a union is and how they want to start one and not be
beholden to the 6 big banks
Al Clark
Maybe expand the pursers office on the boat?
Al Clark
LOL look forward to the follow up report on the
shares of the "profit" (high costs) of running a brick and mortar bank
with such a tiny clientele ;-)
Vladamir Smirnoff
Moral of the story: use it or lose it.
Rolando Angelo Pavoretti
Nice love that we should all do that.
There getting rich and we are getting poor.
Robert Losier
From the story:
"... and people will think seriously about looking at this as a place to live and work."
Really. Good Luck with that.
james taylor
About 30 yrs ago , Scotiabank closed their lower west
Saint John branch (where my wife had an acct.) and wanted her to go to
the Lancaster branch to transfer funds there etc. My wife told them
where to go. She simply wrote a chq. from her Scotia acct. and
deposited it to her new Cr. Union acct. and she left $3.00 in her
Scotia acct. just to screw them up as she kept getting letters to come
in and transfer her $3.00
Good luck to all you Islanders. There are many seniors
who only need a helping hand with patience, to become more familiar
with O/L banking etc.
ds xa
Reply tojames taylor
Can you tell me about the three dollars, I don't understand
Al Clark
Reply tojames taylor
Oh too cruel! They are hurting bad, real bad LOL!!
I called and tried to talk to these folks and they suggested that I send an email
The Swallowtail Lighthouse on Grand Manan Island. Image: Brad Perry
GRAND MANAN — After losing its only bank last year, the island of
Grand Manan could soon have a credit union — at least that is the hope
of two local businesspeople.
Michael Munro and Lauren Martin want to “revitalize” the former
Scotiabank building to house a credit union and health clinic. The two
revealed their plans publicly for the first time during a presentation
to village council last week.
“It’s unlikely a big-six bank would come back, but a credit union could work for us,” Munro said during the presentation.
Scotiabank closed its Grand Manan branch in August,
leaving residents and business owners with no place to do their
banking. Locals now have to travel to the mainland, which involves a
90-minute ferry ride to Blacks Harbour, followed by a 20-minute drive to
St. George.
There is also a four-hour wait between ferry crossings most of the
year, meaning a trip to the bank could take upwards of eight hours.
Munro said credit unions are “very community-minded” and try to tailor what they offer to the community they serve.
Anyone who wants to be part of a credit union has to purchase a
membership share, he said, but they would get a say in the operations.
“It’s not a hedge fund or a large group that owns a vast majority of
the shares and controlling how everything works, there’s a local
autonomy,” said Munro.
Munro said they want residents and business owners to have the
ability to do basic banking to start. That means things like personal
and business chequing and savings accounts, tax-free savings accounts,
and registered retirement savings plans.
Once the credit union became more established, he said, they could
look at offering loans, mortgages, insurance and basic credit cards.
But before any of that can happen, Munro said support from the community of Grand Manan will be critical.
They need at least 10 people and $500,000 of pooled initial funds in order to form a credit union.
Munro said they would also need support from at least half of the island’s residents and one-quarter of the businesses.
“This is the beginning of the process, not the end of the process,”
he said. “We’re still many months out from that being able to happen,
but we’re working through the process pretty diligently.”
The partners have also reached out to the province to try and secure
funding through the Regional Development Corporation, said Munro.
As for the extended health centre, Martin said the hope would be to
bring new services that are not currently available through the hospital
or anywhere else on the island.
Several practitioners have already signed up to come to Grand Manan
on a rotational basis, said Martin. The services include physiotherapy,
osteopathy, athletic therapy, acupuncture, phlebotomy, and massage
therapy.
Martin said the shared space would allow community access to telehealth and teledent services.
They are still looking for several other service providers, said
Martin, including an optometrist, audiologist, chiropractor and
full-time dental hygienist.
Brad Perry is the Regional News Director for New Brunswick at Acadia Broadcasting, Huddle content partners.
---------- Original message ----------
From: "Higgs, Premier Blaine (PO/CPM)" <Blaine.Higgs@gnb.ca>
Date: Fri, 3 Jun 2022 18:07:38 +0000
Subject: RE: Hey Higgy Methinks the folks on Grand Manan Island were
dumb to laugh at me then hustle David Coon and your buddy Chucky
Leblanc N'esy Pas?
To: David Amos <david.raymond.amos333@gmail.com>
Hello,
Thank you for taking the time to write.
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Si votre demande relève plutôt du mandat d'un ministère ou d'un autre
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pour examen et considération.
---------- Original message ----------
From: Premier of Ontario | Premier ministre de l’Ontario <Premier@ontario.ca>
Date: Fri, 3 Jun 2022 18:07:52 +0000
Subject: Automatic reply: Hey Higgy Methinks the folks on Grand Manan
Island were dumb to laugh at me then hustle David Coon and your buddy
Chucky Leblanc N'esy Pas?
To: David Amos <david.raymond.amos333@gmail.com>
Thank you for your email. Your thoughts, comments and input are greatly valued.
You can be assured that all emails and letters are carefully read,
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There may be occasions when, given the issues you have raised and the
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Nous tenons à vous assurer que nous lisons attentivement et prenons en
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Dans certains cas, nous transmettrons votre message au ministère
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CHCO-TV Southwest Magazine: New Brunswick Southwest MP John Williamson Interview
52 views
Mar 9, 2022
CHCO-TV
882 subscribers
New Brunswick Southwest MP John Williamson discusses the war in
Ukraine, the rising price of gas, the loss of Grand Manan's only bank
and his new role as Chair of the House of Commons Standing Committee
on Public Accounts on an all-new "Southwest Magazine" with host Vicki
Hogarth. Original Broadcast Date: March 9, 2022 Southwest Magazine is
an original Charlotte County Television production produced on
location at the CHCO-TV studio Saint Andrews, New Brunswick, Canada.
2 Comments
David Amos
Methinks our not so clever MP whom I first crossed paths with when he
was the boss of the Canadian Taxpayer Association (Backed by Banksters
and their Buddies) before he went off to get a Masters degree from the
London School of Economics and Political Science must have forgot to
disclose to the folks he repesents the golden rules for business and
politicians RULE # 1 He with the Gold Makes the Rules RULE # 2
Everything political is always about the money RULE # 3 Follow the
money At least he can't deny that the Bank of Nova Scotia was created
by politicians for their wealthy friends. N'esy Pas? A brief history
of Scotiabank On December 31, 1831, a large group of Halifax
businessmen met in the Merchants Exchange Coffee House to discuss the
need to create a public bank as an alternative to the privately owned
Halifax Banking Company. Three months later, on March 30, 1832, royal
assent was given to the bill incorporating "the President, Directors,
and Company of the Bank of Nova Scotia", with an authorized capital of
£100,000 of which £50,000 had to be paid up before business could
begin. The Bank of Nova Scotia became the first chartered bank in Nova
Scotia and held their first shareholders' meeting at the Merchants
Exchange Coffee House on May 10, 1832. By August 29 of the same year,
The Bank of Nova Scotia opened for business in the John Romans's
building. The original staff consisted of: Cashier (COO) James Forman:
and Tellers Alexander Paul, Benjamin Carlile; and Messenger James
Maxwell. The Honourable William Lawson was elected as the Bank's first
President.
David Amos
Methinks the Scotia Banksters should have listened in at the 22 minute
mark but the Bay Street Boyz dont give a damn about the Maritimes and
never did However they forgot that one of their Big Banks was founded
by a successful local Privateer N'esy Pas? Enos Collins (5 September
1774 – 18 November 1871) was a merchant, shipowner, banker and
privateer from Nova Scotia, Canada. He is the founder of the Halifax
Banking Company, which eventually was merged with the Canadian Bank of
Commerce in 1903. Upon his death, he was acclaimed as the richest man
in Canada. " "Collins retired from active business and politics in
1840, but continued to manage his large investments and back the
Conservative party in Nova Scotia. In 1864, at the age of 90, he came
roaring out of retirement to oppose Confederation as a supporter of
Joseph Howe's Anti-Confederation Party. Collins died in 1871 with an
estate valued at $6 million, reputed to be the largest personal
fortune in Canada at the time. He was buried in Camp Hill Cemetery.
His "Gorsebrook Estate" is today the site of Saint Mary's University,
Halifax, although the university demolished his historic mansion in
the 1960s."
CHCO-TV
882 subscribers
Grand Manan is set to lose the only bank on the island this August.
New Brunswick Southwest MP John Williamson explains why is asking
Scotiabank to reconsider their decision on an all-new "Southwest
Magazine." MP Williamson also discusses the NDP-Liberal "supply and
confidence agreement", the war in Ukraine and the federal budget with
host Vicki Hogarth. Original Broadcast Date: April 25, 2022 Southwest
Magazine is an original Charlotte County Television production
produced on location at the CHCO-TV studio in Saint Andrews, New
Brunswick, Canada,
1 Comment
David Amos
Oh My My Now Johnny Boy is soliciting his Yankee Bankster buddies
Methinks desperate politicians say desperate things N'esy Pas???
Bonnie Morse
@bhmorse
Closing the@scotiabank branch will have a huge impact on our community.
Quote Tweet
InfoAMSJ
@InfoAMSJ
· May 20
Grand Mananer Gregg Russell and Mayor Bonnie Morse talk with
@thewrightpage about efforts to reverse Scotiabank's decision to cease
operations on the island and the steps they're taking to support
residents and businesses when their only bank leaves. https://cbc.ca/listen/live-radio/1-28/clip/15913932
Information Morning - Saint John
Information Morning - Saint John | Live Radio | CBC Listen
Trying to save Grand Manan's only bank
Play Segment11:31
Grand Mananer Gregg Russell and Mayor Bonnie Morse talk with us about
Scotiabank's decision to cease operations on the island and the steps
they're taking to save the bank.
Aired: May 20, 2022
David Raymond Amos
@DavidRaymondAm1
Replying to @bhmorse and @scotiabank
I just called Gregg Russell and tried to tell him about this blog but
he was too busy cutting trees at the moment so I will try to call you
before I send out the email
Mayor
Bonnie H. Morse
Councillors
Daniel Boyd
Joanne Brown
Roger Fitzsimmons
Philman L. Green We talked
Cara Greenlaw
Jordy Leighton
Gregg O. Russell We talked
Trish Toll
Jayne Turner
A rainbow peeks out after a rain shower over North Head. (Julia Wright/CBC)
Grand
Manan is home to scenic coastline, an active fishery, pebble beaches
— and small businesses ranging from take-outs and coffee shops, to
convenience stores and art galleries, serving a year-round population of
about 2,400.
But after Aug. 24, there's one key amenity Grand Manan won't be able to offer — a bank.
Scotiabank
announced in January its intention to close its Grand Manan branch, the
only bank on the island for over 100 years, and shut down the island's
only ABM as well.
The Grand Manan Scotiabank has been the island's only bank for over a century. (Roger Cosman/CBC)
"I
truly thought it was a joke at first," said Selena Leonard, while
making a cash deposit at the bank. "I thought it was just one of those
things that you see on Facebook that are just not true."
"It became kind of like a nightmare when we found out it was true."
Leonard and her husband live on the island, where they own two restaurants.
Selena Leonard says seniors and small business owners will be hurt most by the closure of the Grand Manan branch. (Roger Cosman/CBC)
So close, yet so far
She
says a full day of travel, plus meals, to do routine banking is out of
reach for most people on the island, many of whom would have to take a
day off work.
In the summer Coastal Transport runs two ferries,
with two hours between each trip. The rest of the year, there are four
hours between trips and one ferry.
"There are quite a few people
that do online banking — but a lot of our population are seniors that
don't, and not all of them would have a family that could help them
out," Leonard said.
It
takes an hour and a half to cross from Grand Manan to Blacks Harbour on
the ferry. The St. George Scotiabank, which island residents are
expected to use after Aug. 24, is another 18 km from there. (Julia Wright/ CBC)
For
some, that would mean having to "hire someone to take them away to the
mainland. Then they have to feed them, pay for the boat fare, and pay
that person to go and deposit, like, $100, or their seniors' cheque or
whatever."
Tabitha Bainbridge was withdrawing cash at the Grand
Manan Scotiabank with her aunt, who is in her late 80s and lives in
North Head.
"This, sadly, I guess, is going to be the last time I
visit the bank to withdraw some money. I'm not happy about it all,"
Bainbridge said.
Tabitha
Bainbridge was making what she predicted would be her final trip to the
Grand Manan Scotiabank to withdraw cash. Her aunt, who is in her 80s,
lives in North Head and still pays all her bills in person at the bank. (Roger Cosman/CBC)
Her
aunt "doesn't do smartphones. Even though we try to convince her, she
doesn't have a computer, she doesn't use a bank machine, so she can't go
45 minutes to St. George every time she needs to pay her bills."
"Like
many of the seniors here in person, they bring in their bill and they
pay it in person. So it's ridiculous that they're talking about leaving
this island without a bank," Bainbridge said.
A series of
workshops, called Digital Days, have been held at the bank branch for
anyone who needs help learning to use the alternatives such as online
and telephone banking.
The next session will be on Aug. 11.
Theft, attracting new businesses a concern
Leonard also worries businesses with large quantities of cash on hand could be enticing to certain shady customers.
"I'm
scared for our business, and other business owners. Our homes and our
businesses will have, kind of, big bull's-eyes painted on them. 'Oh,
come rob me because we have cash.'"
Leonard cooking for customers during the pre-ferry supper rush. She co-owns two restaurants on the island with her husband. (Roger Cosman/CBC)
"I'm not looking forward to that. Just a little bit of fear and anxiety about that," she said.
The
mayor is also concerned about future prospects for the island,
wondering if businesses considering setting up on Grand Manan might not
want to do so without a financial institution.
Town halls, protests
Grand Mananers have tried everything to get Scotiabank to reverse the decision.
There
have been heated town halls, and peaceful protest. One resident, Gregg
Russell, went all the way to Toronto and staged a one-man picket outside
Scotiabank headquarters on King Street West.
Grand Mananer Gregg Russell staged a one-man picket in front of the Scotiabank headquarters in Toronto this past spring. (Submitted by Gregg Russell)
John
Williamson, the Conservative MP for the area, set up a meeting between
Grand Manan Mayor Bonnie Morse and members of the federal finance
department, including a policy adviser to Chrystia Freeland.
"They
were very well briefed on our issues, but really their scope, or their
ability to do anything about the bank closure, is pretty limited," Morse
said.
WATCH | Why some Grand Manan residents may not be able to switch to online banking:
Grand Manan residents worry about life without a bank on the island
Duration 1:46
For the first time in over 100 years, Grand Manan residents will have to travel to the mainland to bank in person.
Mayor
Morse says the village council is meeting with local businesses to
determine what they need, and its Economic Development Committee is
working on finding potential options. But there have been no concrete
answers.
The loss of brick-and-mortar banks is a story playing out in rural communities across Canada.
In New Brunswick, Scotiabank also closed its historic branch in the village of Bath, population about 500, in July.
Grand Manan's natural beauty and many shops and amenities geared toward tourists make it a popular vacation destination. (Julia Wright/ CBC)
'What in heaven's name are you thinking?'
The
uncertainty is hard for people on Grand Manan who remember a time when
banks and other businesses felt more connected to their community and
saw customers as more than "just numbers on a page," as Leonard put it.
"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."
Selena Leonard isn't buying that. She has a question for the Scotiabank officials who made the decision to close the bank.
"What in heaven's name are you thinking?"
"It's
just a number on a page from an office where they have no idea of the
remoteness and the uniqueness of the island — how difficult, and
inconvenient, it is for people here to get away," she said.
Julia
Wright is the host of Information Morning Saint John on CBC Radio 1.
She previously worked as a digital reporter focused on stories from
southwestern New Brunswick. She has a master's degree in English from
McGill University, and has been with the CBC since 2016. You can reach
her at julia.wright@cbc.ca.
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