The mayor of Mahone Bay says she’s worried about the impact BMO’s upcoming closure will have on seniors, businesses and the broader community.
BMO is set to close its Mahone Bay branch on June 19, leaving the town without a financial institution for the first time in decades. Customers requiring in-person banking services will now have to travel to Bridgewater.
Mayor Suzanne Lohnes-Croft says the closure will create significant challenges for many residents, particularly seniors.
“We have a good fair number of seniors in our town,” Lohnes-Croft said. “Many do not drive or have transportation. This will be a hardship for people who have walked to the bank for their services.”
She says many residents from surrounding communities also rely on Mahone Bay for banking, shopping and other services.
The mayor says while BMO has offered some online banking training sessions, many residents either lack reliable internet access or are uncomfortable transitioning fully to digital banking.
“Money is very important in your senior years,” she said. “People watch their money very closely and this will be a lot harder for them to do.”
Lohnes-Croft also expressed concern about the impact on local businesses, particularly when it comes to cash handling and night deposits.
“We don’t want people taking cash home. We don’t want people leaving cash in their businesses either,” she said.
The branch has operated in Mahone Bay for more than 125 years and sits in the heart of the town’s downtown core.
Lohnes-Croft says there are also concerns the closure could reduce foot traffic for nearby businesses if residents begin doing more of their shopping in Bridgewater while completing banking errands.
“Will it deter people from shopping at other businesses in Mahone Bay if you have to go to Bridgewater?” she said.
The mayor says the town requested a full-service ATM remain in Mahone Bay following the closure, but the request was denied.
She says there has been some early interest from a credit union exploring whether opening a branch in Mahone Bay could be feasible, though no decisions have been made.
