Nova Scotia

Bass River residents fight credit union closure

Members of a credit union in Bass River hope they can save their local branch from closing at the end of the month, even though directors of the bank say it's losing money.

Branch is slated to close Sept. 30

Members of a credit union in Bass River hope they can save their local branch from closing at the end of the month, even though directors at the bank say it's losing money.

The Community Credit Union's board of directors decided last month it would shut down the Cobequid branch Sept. 30. It says the financial institution lost $1 million over the last decade because of low lending activity.

Valerie Meredith is working with a committee that's trying to keep it open.

Meredith said the bank could lend more money if it stopped referring prospective borrowers to branches in Amherst and Truro.

She said she hopes committee members can meet with the board some time this week.

"Hopefully we can come to some sort of agreement, that the board will look at some of our suggestions to turn this branch around so that we can keep this branch opened. I'm hoping that the board will see all the efforts that the members have put in," Meredith said.

"The last few months are an indication of how important this branch is. I'm hoping they will recognize that and recognize that we should be trying to work with the membership."

She estimates 900 people would be affected if the Cobequid Branch closes.

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