Nova Scotia

Bass River Credit Union closes

At closing time Friday, the people of Bass River, N.S., will have to take their financial business outside of their hometown; the Credit Union in Bass River is closing its doors today.

At closing time Friday, the people of Bass River, N.S., will have to take their financial business outside of their hometown; the Credit Union in Bass River is closing its doors today. 

The Community Credit Union's board of directors said it isn't financially viable to continue to run the business. It says the financial institution lost $1 million over the last decade because of low lending activity.

Meredith Valerie, who works in the town's pharmacy, said the town is losing more than just a bank.

"A member who does his business at the Credit Union, they also do business here at the pharmacy. They combine the trips so they could do their Credit Union, do their pharmacy and continue onto other things in this area," she said.

"[They] said to me they were extremely sorry, but said as the Credit Union was closing they were they would have to take their pharmacy business elsewhere."

Valerie has been fighting to save the Credit Union since last March when the closure was first announced.

"The membership had no idea this was coming.  here had been no indication whatsoever that the branch was losing money," she said.

The members requested an external financial review of the Credit Union.

 Valerie said the members have come up with ideas to keep the business open.

But to no avail. 

After months of discussion, and 32 years in business, the bank officially closes Sept. 30

Credit Union members will now have to take their business to Truro or Parrsboro.

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