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LaScie, N.L. residents hope another bank will move in before Scotiabank moves out

Scotiabank in La Scie, which employs three people and operates three days per week, will close effective Sept. 18, 2019. La Scie mayor Kimberley Moorey said the town is currently looking for another financial institution to set up shop.
Scotiabank in La Scie, which employs three people and operates three days per week, will close effective Sept. 18, 2019. La Scie mayor Kimberley Moorey said the town is currently looking for another financial institution to set up shop. - Contributed

Financial institution approached, customer interest being explored

La Scie hasn’t given up on the idea of maintaining banking services in the community.

The Baie Verte Peninsula town will be losing its Scotiabank branch Sept. 18, 2019, and it is currently looking for another financial institution to move into the area.

Scotiabank previously told The Central Voice, with another branch in Baie Verte and national shift towards online banking, it decided to close the La Scie operation.

RELATED: Scotiabank withdrawing from La Scie

When implemented, the move will require residents to travel 60 kilometres, one way, for teller banking service.

Mayor Kimberly Morey said a bank committee has engaged the Hamilton Sound Credit Union about setting up in La Scie.

Committee and public meetings have been held with the financial institution, and based on feedback received, Morey said residents are optimistic.

“The meetings were very positive, and people have been expressing an interest in joining,” she said. “And we were told if we can get 500 accounts, it could be feasible.”

Morey said the town and its catchment area has approximately 1,800 people.

“We need to build a list of interested residents, and (the Hamilton Sound Credit Union) will follow up about the type of services they would need,” she said. “It’s a pretty busy time of year, so after Christmas we are going to dig our heels in and get that done.”

Correction

In the online article, “La Scie, NL residents hope another bank will move in before Scotiabank moves out," published Dec. 18, the Hamilton Sound Credit Union was incorrectly identified as a branch of the Newfoundland and Labrador Credit Union (NLCU).

The Hamilton Sound Credit Union is an independent business and has no affiliation with the NLCU.

The NLCU was not contacted about establishing a bank in La Scie.

The Central Voice apologies for the error.

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