Many towns in the province are just learning that Scotiabank—in some cases the only financial institution physically located there—is closing.
Bonavista Mayor John Norman, who also chairs the regional chamber of commerce, was notified late Friday afternoon by the Bank of Nova Scotia that they are closing the building in Bonavista in 2024.
There are several other such closures as well including the branches in Burgeo on the southwest coast and in Whitbourne.
VOCM News is also getting word that other towns will be without their Scotiabank including Botwood, Deer Lake and Lewispoirte.
(Bonavista Mayor John Norman)
Mayor Norman is shocked. The bank notification says the move is being done to improve service, something which just doesn’t add up. They have operated in Bonavista for 100 years, have a large catchment area and are always busy.
“You have close to 8,000 people and this is the only bank. It’s very hard to be there any time Monday to Friday and not be in the porch in a lineup,” he says.
About a dozen people work at the bank. The move will force people to bank online or drive to Clarenville.
Scotiabank Fogo Island
Fogo Island lost their bank two summers ago, leaving people having to set aside many hours to do their banking in Gander.
Deatra Walsh of Municipalities Newfoundland and Labrador says it is still important for people to be able to do things, such as banking, in person, especially in rural NL.
Some people may not have access to transportation or the internet. It is very important for people to be able to access services in person, she says.
ScotiaBank is cutting 3 per cent of its staff in a restructuring process announced last week.
The cuts are estimated to amount to about 2700 jobs across the country.
New CEO Scott Thomson, who took over at the helm of Scotiabank earlier this year, has been vocal about his focus on cutting costs at the financial institution.
