By Mike Anderson

A year after Scotiabank closed its doors on High Street, the Bank of Montreal (BMO) is following suit, announcing it will close its branch at 106 High Street on February 13, 2026.

As there is no BMO branch in Keswick, customers will need to switch their accounts to the nearest BMO branch, located at 404 Shopping Centre, 111 Davis Drive, in Newmarket.

The closure also means that the only remaining retail bank in Sutton, which services a population of 8,000 people, is the TD branch at 20856 Dalton Road.

The Post asked BMO to provide an explanation for the closure – declining customer activity or low profitability. However, none was forthcoming. Instead, the BMO spokesperson referenced changing consumer preferences, as more customers switch to online banking and no longer require the services of a retail branch. BMO also refused to say whether or not it would continue to provide an automated banking machine (ATM) in Sutton.

“We continuously assess our operations – including our branch network – to adapt to changing consumer preferences for service delivery. These decisions are carefully considered,” the BMO spokesperson said.

BMO added that it would provide online resources for customers to learn about online banking and access to a virtual personal banker.

“BMO also offers an option to work with a Personal Banker virtually who can support customers with reviewing finances, opening new accounts, loans, mortgages and investments from the comfort of their homes,” the spokesperson said.

However, many of BMO’s customers disagree that the closure was “carefully considered,” and are upset that its decision ignores their banking needs. They also say the bank’s decision unfairly targets seniors who require in-person banking and will be unable to travel to Newmarket.

Willow Beach resident Michael Edgar, 64, has been a BMO customer for 30 years. He says it’s a major inconvenience for him to drive to Newmarket. And he says many seniors, including his wife, Sharon, 74, won’t use online banking.

“My wife is not good on the computer. And, my neighbour, who’s also a senior, doesn’t drive and doesn’t go online,” he said.

Beverly Hartford, treasurer of Sutton’s Club 55, agrees that the closure will have an unfair impact on seniors. She says many of the club’s 90 members don’t drive and don’t use computers.

“They’re not computer adept. They don’t have cell phones. They go into the bank and pay their bills in town. Getting to Newmarket is going to be very challenging. They can catch the local bus and go to Keswick, but Newmarket is really not an option. It’s an hour by bus,” she said.

Hartford, an adult educator and former TD Bank employee, believes BMO, which had a gross profit of $23 billion in 2024, has an obligation to provide in-person services to seniors who have been loyal customers for decades. She says they need to think outside the box.

“You know, Service Ontario is now operating out of Staples. There are options. Maybe some smaller kind of footprint, but still providing some kind of service,” she said.

“There also needs to be a real outreach to people to teach them how to do online banking. And they have to make it easier for seniors to pay their bills online.”

Business owners are also concerned that the loss of another bank will hurt High Street, which already has several vacant storefronts.

“I feel sad there’s going to be another business closing, another vacant store,” said Debbie Balinas, owner of Sweet Pea Boutique and Sutton BIA Co-Chair.

“It’s going to affect a lot of our customers. People come here and go to the bank, have lunch, and do their shopping. So it’s one less draw for us. So, I think the bank closing won’t be good for business on High Street.”

While Balinas acknowledges that more people are doing online banking, she says there is still a large percentage of seniors who haven’t switched, and the bank should continue to operate branches in small towns, like Sutton.

“I think it’s too soon to start closing branches. I think maybe in another 10 to 15 years. But right now, there are many seniors in this community who rely on going to the bank and having someone to talk to personally. Rather than a chat or a bot.”

She also notes that many seniors are hesitant to use internet banking, fearing they may become victims of online fraud.

“The scammers are so good at it. It’s tough to detect. And they trick seniors by saying they need to take care of it right away,” she said.

“I had an older lady last week who got scammed. They withdrew a substantial amount of money from her bank account. It’s a real shame.”

Mayor Margaret Quirk says the Town sent a letter last week to the Regional Vice President of BMO asking for a review of its decision and has requested the bank provide an ABM in Sutton should the move go ahead.

“The decision to close the Bank of Montreal’s Sutton branch is deeply disappointing and will significantly impact our community,” said Mayor Quirk in a statement to the Post. 

“This closure will create a hardship for many residents, particularly seniors and those with limited mobility, who rely on local, accessible banking services. Moving operations to Newmarket not only creates inconvenience but also removes vital support for local businesses. While we understand this is a business decision, it does not reflect the needs or best interests of our community, and we will be asking for a review.”

Councillor Dale Genge, whose ward includes High Street, sent a letter to the Financial Consumer Agency of Canada (FCAC), the federal agency that protects the rights and interests of consumers of financial products and services, requesting a meeting to discuss the closures impact on local businessess and residents. 

“In the past two years, we have lost the Scotia Bank due to closure and a banking machine for the Royal Bank due to the building it was located in being torn down. The only remaining banks for this community of around 8,000 people are the BMO and the TD. What is most concerning is that the branch that BMO proposes as the alternate location is 34 km, or a half-hour drive away. Moving accounts this far away will create unnecessary hardships on our residents,” Genge wrote. 

York-Durham MP Jacob Mantle has also contacted BMO requesting clarification. 

“Local banking services are critical to residents and businesses alike, and while many banking services have moved online, there is often no substitute for personal relationships and in-person service. This is especially true in smaller, rural communities such as Sutton,” Mantle said.

“While I respect that BMO is a private financial institution and it may therefore make its own business decisions, I would be grateful if BMO would provide me with adequate reasons for closing the Sutton branch. I am sure that local residents too, would appreciate
understanding BMO’s decision.”

Mike Anderson
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