Last bank branch in Schreiber to close

The town of Schreiber, Ont. is losing its only physical bank branch this summer. Customers of the Bank of Montreal  (BMO) living in Schreiber will have to go over 200km away to Thunder Bay for service as of July 25, 2025, said BMO in an email.

The BMO was the last remaining bank branch in the area, said Mayor Kevin Mullins. 

"It'll be drastic. It'll be a huge change for the little town," Mullins said.

Mullins said he worries losing the bank will have a negative impact on businesses and seniors who need in-person services.

Syed Zain Hassan, who runs multiple businesses in Schreiber, said it will impact services locals depend on-- including his three motels, laundromat, gas station, convenience store and restaurant. Hassan said his employees make daily bank trips to deposit cash, manage cheques, and get change they need for the laundromat front desk. 

"It's unfair for a smaller communities because it's not just us that will be affected by it, it will (also) be the neighbouring towns," Hassan said. 

Multiple communities in northwestern Ontario have lost many or all of their banks offering in-person services to customers over the past decade.

The Terrace Bay and Longlac CIBC branches closed in 2018, leaving both communities without a chartered bank branch.  Red Rock's last bank, a CIBC branch, also closed sometime prior to 2018. Atikokan saw its Canadian Imperial Bank of Commerce (CIBC) and  TD Canada Trust (TD) branches close in 2017, but still has a Royal Bank of Canada (RBC) branch. The Beardmore Scotiabank branch closed in September 2016.

Hassan said he heard the BMO was closing through social media, and wishes the bank had let customers know sooner in advance. 

"It's almost affecting like 4,000 people directly and maybe more people indirectly. So I want to know the reason why they want to close it down," he said. 

In an emailed statement, a BMO representative told CBC "we continuously assess our operations – including our branch network – to adapt to changing consumer preferences for service delivery."

It said it would provide resources for customers to learn online banking. 

"As of July 25, 2025 we look forward to serving clients of our Schreiber branch at our Harbour Crossing branch, located at 859 Fort William Rd. Thunder Bay, Ont., — or any other branch in the Thunder Bay area," read the statement.