Officials are encouraged by ongoing efforts to secure a new bank for Fogo Island.

Residents of the island have been without in-person banking services since Scotiabank pulled out in August.

Many residents had to travel to Gander—a full day journey—just to cash the provincial government’s $500 cost of living benefit before Christmas.

The town has possession of the old Scotiabank building in Fogo after a deal was struck with the bank, so all they need is an institution willing to occupy the space.

That’s where chartered accountant and former town councilor Justin Hearn comes in. He’s taken it upon himself to reach out to various banking institutions and has had positive discussions with Atlantic Edge Credit Union based in Port aux Basques.

Hearn calls the institution a “good fit” for the island which already has experience with the co-operative model through the Fogo Island Co-op.

They believe the data will show that there is enough business to support a local branch. He’s hoping for positive news on that front later this month.