Morell down to 1 bank after Scotiabank closes
Scotiabank to close July 18, transfer customers to Sherwood branch
The Scotiabank branch in Morell, P.E.I., is closing later this month.
In a statement, the bank said it did a review and then made the decision to end operations in the municipality.
It said more people are choosing to do their banking online, which contributed to the decision.
David MacAdam, the mayor of Morell, said the move leaves the credit union as the only bank in the community.
"Certainly it reduces the choices for any people in the community if they wanted to do their banking locally," he said.
"For example, if they were applying for car loans or mortgages they're restricted to one local corporation or they would have to go elsewhere."
Scotiabank said the branch will close July 18 at 11 a.m.
Customer accounts will be transferred to the Scotiabank branch in Sherwood.