2 Scotiabank branches in P.E.I. closing

Two Scotiabank branches in P.E.I. are slated for closure as the bank plans to open a larger, consolidated location in Summerside.

Bank officials said in a written statement they are "relocating" services at the Kensington and Crapaud branches as they plan to open a new, "state-of-the-art" location at 485 Granville St. in Summerside during the 2023-24 fiscal year.

"We look forward to the opportunity to work with customers to understand how we can help make this transition as smooth as possible," the statement reads.

"Scotiabank has a long-standing relationship with the community in Crapaud and Kensington and we want to assure residents that our support of the community will continue."

Mayor 'disappointed' at closure

Kensington Mayor Rowan Caseley told CBC News he received word of the closure last week from a bank official.

"I wasn't pleased. I was disappointed, I think, was the words I used," he said.

"I asked if the decision was final and he said yes, the decision had been made and the decision was final … I said, 'We are the heart of P.E.I. and it's disappointing to see everything always going to the larger centres and not even being considered.'"

Caseley said the bank's closure is a blow to the town.

"There's a lot of residents that would walk to the bank and you know, we have a fair number of senior citizens living in town and it was very convenient for them to attend to the local bank," he said.

"The business community in town, the farmers that are out in the country, the fishermen that are out in the country, I'm sure a lot of them use the services of the Scotiabank and … I don't think that's going to bode well with them all."

Scotiabank closed other rural branches

Caseley notes the town's own accounts are with Scotiabank, which might have to be reconsidered in light of the closure.

Officials in Crapaud say they also received word last week, and don't know what steps — if any — can be taken at this point.

Scotiabank announced it was closing three branches in rural Nova Scotia earlier this year, and in 2019 closed a branch in Morell, P.E.I., leaving the credit union as the only bank in that community.