Credit union members demand reprieve
CBC News | Posted: February 10, 2005 5:17 PM | Last Updated: February 10, 2005
Members of the oldest credit union in Nova Scotia are trying to prevent their branch from closing.
They asked the board's directors Wednesday night to keep the branch in Reserve Mines open for another six months, instead of shutting it down April 1 as scheduled.
The credit union in Reserve Mines, the first in Nova Scotia, amalgamated with the one in nearby Glace Bay six years ago. Under the new plan, only a cash machine will be left, with members going to Glace Bay for personal service.
Melvin Bryden, a member for 30 years, says he plans to keep his money with the credit union, even though others are threatening to take their business elsewhere.
"I got the feeling that some of the members might even withdraw their money from the credit union today," said Bryden.
"People that had any assets or anything there were pretty frustrated. People actually walked out. It wasn't very nice for the longest time in the meeting."
The board has said it cannot afford to keep the branch in Reserve Mines open anymore because of rising costs.
Credit union members asked to see the books and research to develop an alternative plan. The board promises to provide an answer on the six-month reprieve in a couple weeks, Bryden says.
Father Jimmy Tompkins, a major figure in the co-operative movement in Nova Scotia, founded the Reserve Mines Credit Union in 1933 with 43 members.
The credit union grew over the years, then struggled. In 1998 it merged with the Glace Bay Central Credit Union. There are now 1,300 customers at the Reserve Mines branch.
- From Feb. 7, 2005 - Reserve Mines to lose credit union