Local businesses in Marmora still reeling from bank closure

By Brendan Burke 

MARMORA — Small business owners in downtown Marmora said they are still reeling from the recent closure of a Toronto Dominion (TD) Bank with deep roots in the community’s history.

The bank, located on the corner of Forsyth St. and Matthew St., had been operating for over a century before an executive cost-saving decision was made to relocate the branch to Havelock.

A lone automatic teller machine now occupies the space.

While the longstanding outlet closed its doors on June 6th, area residents said the closure’s impact on the local economy is still being felt.

Bruce Cook, owner and operator of downtown’s Cook’s Barbershop for more than thirty years, said the bank’s closing has resulted in a reduced volume of traffic in the area. He added that the loss has hurt local businesses.

“We lost a lot off traffic. People came to the bank three or four times a week,” Cook said.

For the small business owner, less traffic means less revenue.

“When you take a big cog out of a wheel, that hurts,” he said.

On the branch’s relocation, Cook added that more could have been done to prevent a move.

“They could have come up with something. Even if the branch is taking a loss, don’t walk away from the community.”

For local business owner and barbershop customer Rick Nickle, the sentiment rings true.

Nickle said that the branch’s move took with it more than just a piece of the local economy.

Its closure, he said, also brought an end to the face-to-face, personable banking of on-site tellers that served the community for generations.

“We had a working relationship with the tellers,” said Nickle.

He also said that he sees the branch restructuring as part of a continuing theme.

“Times have changed. No one cares about the people. It’s all about money.”

Cook agreed, blaming the corporate bottom line for forcing many senior TD employees to relocate or retire early.

“This had…everything to do with head office,” he said.

On the possibility of attracting lost business through new means, Cook remained optimistic, but admitted that the void left by the bank’s move will produce challenges.

“We’re still hoping for the pumped storage project by the mine. Council is trying,” said Cook.

If approved, the undertaking would convert the Marmora Mine property into a 400-megawatt pumped storage facility and would create almost fifty well-paying, permanent jobs.