MP seeks solutions for bank on island

Campobello's representative in Ottawa has been actively helping the islanders solve the banking crisis of losing their only financial institution when the Charlotte County Credit Union closes its doors on June 26.

"We've been doing a lot of investigative work into finding a real solution to a real problem," says Greg Thompson, Member of Parliament for New Brunswick Southwest. "In Canada, only the people on Campobello Island will need a passport to do their banking."

Thompson has written to major banking groups for advice and points out that he has also contacted former New Brunswick Premier Frank McKenna, who is working for Dominion Bank in Toronto. "We're obviously just trying to pick their brains. Canada has the best banking system in the world. We're very proud of that."

The MP is disappointed not only that the credit union is closing its branch on Campobello but in the way in which the decision was made. "When the Bank of Nova Scotia decided to leave Campobello, they gave advance notice of what they were going to do. They didn't pack their bags and leave in the middle of the night."

"The credit union came in for all the right reasons. They were supposed to be 'the people's bank,'" he continues. "Now this group, with no consultation or debate, decides to leave the island. They didn't attempt to talk to the community. Basically, that violates their own mission statement, and they've lost respect."

Calling the Charlotte County Credit Union's decision to leave Campobello "cool and calculating," the MP says, "The islanders have a serious problem, but hope springs eternal, and people on and off the island are working hard for a solution.