N.B. village’s only bank set to close, leaving residents feeling robbed

CTV Atlantic: Chipman residents feel robbed by bank closure Residents in Chipman, N.B., worry a bank closure will result in the entire village’s decline. CTV’s Nick Moore explains.

Residents in Chipman, N.B., worry that the closure of the only bank in their community will result in the decline of the entire village.

Chipman Mayor Carson Atkinson is leading a community committee formed in February shortly after Scotiabank said it was closing up shop in the village later this year.

“We know what the effect is for communities that lose their banking institutions,” says Atkinson. “Some communities, small communities, have lost a banking facility, and the next thing to go is their grocery store, and so that regionalization problem continuously erodes their communities.”

In February, Scotiabank said the decision to close the branch was due to what it called “significant changes” to how people dotheir banking. Scotiabank said it would work with customers to transfer accounts to another branch about a 20-minute drive away.

But members of Chipman Outreach, a non-profit group providing services for local seniors, say that’s too far away.

“(Seniors) will have to pay,” says Peggy Chase of Chipman Outreach. “It will be a cost to them. As well, we are a non-profit organization, so it will cost us too.”

Last week, a community meeting to build a case for Chipman bringing another bank to the area was standing room only.

“It simply says how important it is to them,” says Chipman resident Doug Tyler. “Everyday banking services, cashing cheques, making deposits, and we have a large vibrant community with a big employer.”

An unnamed banking institution has expressed interest in coming to the village, with a meeting expected next month.

“It’s very much a growing community, not a shrinking community,” says Atkinson.

Atkinson plans to talk to more banks next week, and is hoping a new outfit will be up and running before Scotiabank shuts down this branch in October.

With files from CTV Atlantic’s Nick Moore.