Closing the Valley Credit Union will hurt businesses in Caledonia, N.S., residents say.
The credit union had moved into the vacant building left when the Bank of Nova Scotia closed. Now it plans to close next March, leaving no financial institutions in the village near Kejimkujik National Park.
Villagers will meet at the Legion Hall Wednesday evening to talk with officials from the Valley Credit Union to hear why the branch is closing.
Barry Durling owns Clover Farm Grocery. He said the loss will make it harder to draw new business and harder to run shops in town now.
“We depend on the bank daily,” he said. “The possibility of having more cash on hand than we would desire [is bad] is because of security.”
Caledonia has a school, a drug store, a hardware store, a grocery store, a gas bar and a cafe. All rely on the credit union.
Extra trouble for seniors
Allan Mansfield owns the Home Hardware. The nearest financial facility will now be in Liverpool or Annapolis Royal, both a 45-minute drive from Caledonia. Mansfield said that’s a problem for the many seniors who don’t drive.
“They have to hire someone to [drive] them 45 minutes to their bank,” he said. “It’s a real worry.”
The business community is asking people to leave their money in the credit union while they try to attract a new bank to the village.