Grand Bay-Westfield's last physical bank branch closing

Article content

Grand Bay-Westfield’s last physical bank branch – a Scotiabank located on River Valley Drive – will soon be shuttered.

The branch’s October closing has the town concerned about businesses and residents who will now have to travel to Saint John for any physical banking needs.

“The Town of Grand Bay-Westfield is disappointed that the Scotiabank in Grand Bay-Westfield will be closing later this year,”  Broc Belding, communications manager for the town, told Brunswick News. “This is the only financial institution which provides in-person services in our community, with the next nearest financial institution located on the west side of Saint John.”

Natalie Yuen, manager of Canadian banking communications for Scotiabank, confirmed the branch is scheduled to close this fall.

“After careful consideration we have made the difficult decision to consolidate our Scotiabank branch in Grand Bay-Westfield and relocate our in-person services to our branch in Saint John on October 1,” she stated in an email.

Yuen said customer preferences have changed when it comes to banking and more day-to-day transactions are being done digitally.

“We are continuing to evolve how we serve our customers and invest in areas that make it easier for our customers to bank with us from wherever they are,” she stated. “We are committed to supporting our customers, employees and communities through this transition.”

But Belding said the town’s still worried about what the closure means for businesses and residents when it comes to banking requirements.

“We are concerned about the impacts this closure will have for the entire community, including seniors and local business owners, many of whom conduct banking services in-person,” he stated.

Maggie Cheung, media relations manager for the Canadian Bankers Association, said the association does not speak to the business decisions of an individual bank when it comes to closing a branch but noted when such closures take place it’s never a decision that is made lightly.

“Branches are only closed after extensive analysis of a full range of factors,” she said. “Once a decision is made to close a branch, banks consult with members of the community to ensure that they are aware of the closure and will continue to have access to banking services moving forward. In every decision to close a banking centre, banks carefully consider the interests of the community, their customers, and employees.”

Asked for details on how many employees the closure impacts and whether those positions were being terminated or relocated to another branch, Yuen provided no numbers but simply stated Scotiabank has “a long tradition of treating our employees fairly, equitably and with respect and we will continue to do so.”