Statement in Response to the Closure of Fogo Island Scotiabank Branch

Fogo Island Pride would like to express our disappointment and concern over the recent announcement made by the Bank of Nova Scotia to close the Fogo Island Scotiabank branch effective August 10th, 2022 as part of consolidation efforts in Atlantic Canada. 

In the days since the announcement was made, Fogo Islanders and their supporters have taken to social media, radio and television to express their shock and anger at this decision.  The reaction has been swift, passionate and damning.  Although many have argued, pleaded for reconsideration, it has been made clear on several occasions that this decision is final.  While many might regard our efforts as acts of desperation, begging an organization to take our money, the truth is likely far more complicated. To put it simply, Fogo Islanders are hurt.  With over a century of faithful service and support, some believe it is nothing less than a betrayal - leaving Fogo Islanders questioning how such a strong relationship could break down so quickly and without warning. Naturally, anger follows when answers bring little comfort or clarity. 

As a non-profit organization which has committed to advocating for marginalized or otherwise disenfranchised persons, we believe this decision will ultimately have a long-lasting, negative impact on our community’s most vulnerable populations. Further, it is our fear that the inherent barriers imposed on our citizens by nature of our remote and isolated location will be further intensified; stagnating both economic and social growth, and limiting our collective capacity for entrepreneurial activity, innovation and diversification.  While not exhaustive, the following examples are provided to demonstrate the potential impact we anticipate: 

• Impact on Vulnerable Populations: There is no substitute for the social and human capital which have been cultivated and developed through the rich, deep connections forged by the staff at the Fogo Island branch. These relationships cannot be replicated as customers transition to virtual services or through a non-community based branch. While this will impact all residents, those with the greatest needs (ex. seniors, English as a second language, persons with intellectual disabilities, etc.) will be impacted the greatest. 

• Impact on Charitable/Non Profit Organizations: Charitable and non-profit organizations (ex. Fogo Island Pride, religious institutions, festival committees, etc.) who rely on cash donations, and have yet to develop the capacity to collect and manage digital currency, will be placed at a significant disadvantage. With additional challenges to funding being placed on these organizations by way of the COVID19 pandemic, the coming months and years will continue to bring uncertainty.

• Impact on Economic Growth: As barriers mount for local small businesses, entrepreneurs are edged out of the market. While additional training in digital finance options and money management may overcome these barriers, many makers, crafters, and artists will require support. In the long term, should such barriers persist, opportunities for innovation are imposed upon and the rich economic diversification of our Island’s economy may stagnate in the face of this new adversity. 

What are we doing? 
Fogo Island Pride is exploring ways we can support local (and emerging) entrepreneurs as they transition to digital money management options. We have integrated the use of cash-less methods of payment into our own practices and we are willing to help those who have questions.

Fogo Island Pride will continue working with localized partners on targeted, meaningful actions which support the continued economic development and diversification of Fogo Island. We welcome other organizations to collaborate with us as we advocate for our community. 

Call to Action
The Town of Fogo Island has recently asked all residents to contact the office of the Scotiabank President and CEO - referencing case # OPCS - 39878 - to express their concern and dissatisfaction at this decision. Using the arguments presented here, we are calling on our supporters to do the same. Write, call or email using the information provided below: 

Write
The President Scotiabank
44 King Street West
Toronto, ON
M5H 1H1

Call
English: 
1 (877) 700-0043

French: 
1 (877) 700-0043

E-mail
[email protected]

Statement of Transparency:
Evan Parsons, co-founder, director and board member of Fogo Island Pride is presently employed by the Bank of Nova Scotia and has been directly impacted by this closure. However, to avoid a conflict of interest, they have abstained from all decisions relating to Fogo Island Pride’s position and the board has barred them from participating in sub-committee work advocating on this matter.