By Angie Sullivan
Bank branches continue to disappear from Georgina’s smaller downtown cores, creating transportation issues, added costs for small businesses and fewer options for residents who require basic financial services.
Pefferlaw lost its local CIBC branch in 2022, and that building is now a cannabis dispensary.
Craig Glenn, 72, lives in Udora and used to do his banking at the CIBC branch. Now, he drives more than 17 kilometres to Uxbridge.
“It’s very inconvenient for me and for any business owner. You have to make sure you can make your deposits before the bank closes, and factor in commuting time. It can be very challenging,” said Glenn.
Sutton lost its Scotiabank branch in 2024, followed by the closure of BMO this past February.
Unlike Scotiabank customers, who can still access a branch in Keswick, BMO clients do not have a branch in Keswick and must travel to Newmarket for in-person banking.
Elaine Coates, the owner of Black River Coffee on High Street, said, “Now, I have to drive nearly 40 minutes to do my banking deposits, and it is inconvenient. It’s forcing me to switch from BMO even though I was a happy client. There are only so many hours in the day.”
The only remaining bank east of Keswick is the Sutton TD branch on Dalton Road. However, there are concerns that if it closes, more than 10,000 residents will be forced to drive, in some cases for more than 25 minutes, to access financial services.
Jennifer Anderson, executive director of the Georgina Chamber of Commerce, said the Chamber has heard repeated concerns from members affected by the lack of banking services in Pefferlaw and, most recently, Sutton.
“Losing a branch has meant increased travel time, security concerns when transporting cash and reduced efficiency. It is our role to advocate for our local businesses and be a strong voice for their needs,” said Anderson, who published an online survey to gauge residents’ and business owners’ concerns about the recent bank closures. According to Anderson, nearly 500 people responded to the survey.
Anderson also authored a policy resolution for the Ontario and Canadian Chambers of Commerce to encourage action on small-town and rural bank closures. The policy resolution notes that while digital banking has expanded, it does not meet the needs of all residents, especially in rural communities with aging populations, limited public transportation and inconsistent broadband access.
Jackson’s Point BIA Chair Steve Jacobson adds that the loss of local banking disproportionately impacts seniors who are not comfortable banking online. He says many seniors fear becoming victims of online bank scams. He also points out that many seniors don’t have a car and must rely on the bus to access a bank in Keswick. “Public transit can be difficult for seniors and sometimes doesn’t suit their schedules,” said Jacobson.
There may, however, be a solution on the horizon.
A banking task force, which includes representatives from local BIAs, Chamber members, Mayor Margaret Quirk, Ward 4 Coun. Dale Genge and Karyn Stone, the Town’s manager of economic development, has been formed to look at ways to restore or expand in-person banking services in Georgina.
One possible solution is to attract a new credit union to Sutton, which could help fill the gap left by departing banks and improve access to local, in-person financial services for residents and small businesses east of Keswick.
Elwin Earle, a retired banker from Sutton, was asked to lead the task force.
“There are seniors who don’t use electronic banking. A credit union is the next logical way to bring in-person banking to smaller communities,” said Earle.
According to Earle, the success of the DUCA Financial Services Credit Union, which opened in Mount Albert, with a population of less than 5,000, in August 2018 after TD closed its branch, is an example of how a credit union could help address the need for more in-person banking.
“We want to attract another financial institution, whether it’s a credit union or another bank, because we are worried that if TD leaves, then what happens,” adds Mayor Quirk. “We’re going to provide the data we’ve got from the survey, and we’re prepared to sit down with them to see what they want to do and help them find a location.”
Anderson said, “The task force is a great opportunity to bring stakeholders together to create space for our chamber to discuss practical solutions with members of council, the municipality, BIA’s, and community leaders. We know digital banking is very popular and often preferred, but not everyone can rely exclusively on digital services. Small businesses, seniors, non-profit organizations, and vulnerable residents still need accessible in-person options.”
A Bank of Canada report titled “How Far Do Canadians Need to Travel to Access Cash,” last updated on November 16, 2023, found that the share of rural census subdivisions without a financial institution branch rose from 67.7 percent in 2019 to 70.8 percent in 2022.
The report also states, “Rural Canadians… need to drive an average distance of 4 km to the nearest bank ATM and 9.6 km to the nearest branch, each distance twice the national average.”
According to Anderson, Sutton residents and business owners, who are not TD clients, are already driving nearly 20 km to access banking in Keswick – four times the national average.
This April, Anderson travelled to Ottawa for the Ontario Chamber of Commerce Conference and AGM. There, she presented the policy resolution on ensuring access to financial services in small and rural communities. While banking is federally regulated, this policy centres its recommendations around economic development and support for provincially regulated credit unions. Delegates from across Ontario voted on the policy, and it passed successfully.
- Banking task force hopes to attract a credit union to Sutton - May 21, 2026
- High Street construction causing concern forbusiness owners - May 10, 2026
- Fourth annual Free Spirit Fest returns to ClearWater Farm - May 9, 2026
