SCHREIBER — The Bank of Montreal plans to close its branch in Schreiber this summer, much to the dismay of elected leaders on the north shore.
"It's devastating for the community, and not only our community," said Mayor Kevin Mullins. "A lot of residents of Terrace Bay come here to do their banking."
Terrace Bay lost its only bank in 2019, when CIBC shut down there.
BMO will shut its doors in Schreiber on July 25, and is advising clients they can then be serviced at a branch in Thunder Bay.
Nipigon and Marathon will be the closest locations where residents of Schreiber and Terrace Bay can be serviced by other banks.
Mullins said not having a bank nearby will pose a dilemma for many residents of his community.
"First of all, it's going to be really hard on our seniors. They rely on going into the bank. A lot of them don't do online banking. And we've got a big percentage of seniors here, at 34 per cent. Then, to our businesses with their deposits and trying to make change, and what not. Like I say, it's just going to be devastating."
Terrace Bay Mayor Paul Malashewski noted that when CIBC shut down in his town, many clients transferred to BMO in Schreiber rather than a CIBC branch in Thunder Bay.
He said the closure will impact not only BMO clients but also the broader community.
"I think any business that wants to move into the two towns, that looks to where it's going to do its banking...What they are going to do now, I'm not too sure, as far as making their deposits and getting change, and stuff like that. Definitely, I think it will hurt businesses and maybe future development."
Mayor Mulllins said Schreiber township council is reaching out to the Bank of Montreal to arrange a meeting in which it will lobby to keep the branch open.
Failing that, council will want to explore other options,.
In a statement to Newswatch about the closure, BMO said it continually assesses its branch network to adapt to changing consumer preferences for service delivery.
"These decisions are carefully considered. We will ensure clients can transition smoothly" to a Thunder Bay branch, it said.
"For those who may need help getting started with digital banking, BMO offers video guides...to learn how to pay bills online, transfer money between accounts, deposit a cheque, and send money to friends."
The statement added that customers can obtain more information at the branch.
Newswatch asked the Bank of Montreal how many people are clients of the bank, but did not receive a response.
