Small towns across Saskatchewan are rallying to keep local resources. But with more people taking their business to the big city, small town banks are having a hard time hanging on.
Radville, Sask. resident Lorraine Lansdell received a letter that her local bank saying it would be closing this summer. She has been a CIBC customer her entire life and says it will be a difficult transition.
“I also have a small business,” she said. “I can’t travel 50 miles every time to deposit a cheque.”
The CIBC in Radville has been open for more than a century. Now, residents will need to drive half an hour to get to the nearest branch in Weyburn.
Community leaders, many bank customers, are meeting to discuss the upcoming closure.
“We just feel abandoned when they take an institution like we’ve got here in town,” said farmer Roy Levee. “I think it’s been profitable all these years.
CIBC says the closure is a result of people moving away from traditional banking.
“As more and more Canadians in both rural and urban areas are choosing to do their banking outside of traditional banking centres, we’ve needed to make some adjustments to our network,” the company said in a written statement.
But online banking isn’t always an option in rural Saskatchewan.
“How are we going to do that without internet?” said Todd Labbie, Reeve of the RM of Laurier. “I live two and a half miles just on the other side of Radville, no internet.”
Residents in Radville do have an alternative. Radius Credit Union will keep its branch in the community.
“Our lenders are well-trained in agriculture and commercial, as well as consumer lending,” said Radius CEO Ted Struthers. “We’re certainly well-geared to serving all sectors of the population.”
Based on a report by CTV's Wayne Mantyka
