Cape Breton credit union closing
Reserve Mines branch was first in N.S. to incorporate
RESERVE MINES — News of the loss of a rich part of Reserve Mines history has caused some sadness in the community.
The Reserve Mines branch of the Glace Bay Central Credit Union — the first to incorporate in the province — is slated for permanent closure as of Nov. 15.
“It was a big disappointment and a big shock for us,” said Jeff Aucoin, chief of the Reserve Mines Volunteer Fire Department.
“The credit union is one of the first that was formed in Nova Scotia, so we were quite shocked to lose it given the historical significance of it.”
Aucoin said the credit union was always involved in community events.
“They’ve always been there to support the fire department and the fire department was always there to support the credit union. It was a great partnership and it’s unfortunate that we’re going to lose it.”
A plaque on the building celebrates the incorporation on Jan. 10, 1933. A note to members on the credit union’s website states the closure is an operational decision made by Glace Bay Central Credit Union’s management, with approval by its board of directors.
Tanya Duffy, general manager of the Glace Bay Central Credit Union, said the Reserve branch will permanently close Nov. 15. The branch has been temporarily closed since the end of March due to COVID-19. Duffy said the decision to close the Reserve Mines branch is not related to the pandemic in any way, but rather was part of a long-term plan.
“In the meantime we will not be reopening it because of the cost that would be involved to bring it up to public health standards.”
Duffy said the credit union had been looking for ways to improve operational efficiencies and increase profitability. Research was conducted on ways their members were accessing their services and it was discovered more members were banking online.
“These trends are expected to continue,” she said. “That’s why a decision was made to move to a one-branch model.”
The accounts will automatically be moved to the Glace Bay Credit Union so there will not be any interruption in service. The deposit boxes will remain open for access by appointment.
“I don’t know the exact date they will be moved down here but the ATM at the Reserve branch will be available until Nov. 15.”
Although they won’t be situated right in the community, Duffy said the credit union will still support the community of Reserve Mines.
“The only difference is the branch won’t be operating. Members will have to come to the main branch, which is less than six kilometres away.”
Duffy said the two staff members of the Reserve Mines branch will be transferred to the main branch, including branch supervisor Jackie Murray.
The Glace Bay Central Credit Union moved back to regular hours July 6.
Duffy said letters of the pending closure were sent to members.
“Of course there’s disappointment they are losing something in their community,” she said. “We’re trying to do what’s best for the credit union and moving forward with it.”