The Lake Cowichan branch of the Royal Bank of Canada is closing. (Google)

The Lake Cowichan branch of the Royal Bank of Canada is closing. (Google)

Lake Cowichan’s RBC branch will close in November

RBC says banking needs will still be met

RBC-Royal Bank of Canada has announced it is closing its branch in Lake Cowichan on Nov. 4, 2021, leaving the community with Island Savings as its only brick-and-mortar financial institution.

In a statement, RBC said bank branches remain a very important part of its presence in Canada.

“But at the same time, our branch network continues to change and evolve as we seek to serve our clients where and how they wish to bank,” the statement said.

“In some cases, this may involve combining branches, relocating certain branches or opening new ones. These decisions are made after careful consideration of how we can best serve our clients in their given market.”

RELATED STORY: ‘RENT BANK’ WOULD OFFER FINANCIALLY STRAPPED IN COWICHAN VALLEY RELIEF

The statement said that while RBC is closing the Lake Cowichan branch, it is excited to remain part of the growth in that community and will continue to have a dedicated mortgage specialist who lives and works there, as well as other employees working from home serving the bank’s existing and future clients.

RBC said none of the four staff at the branch will be laid off as they will be working in their same roles in another branch, or will be working from home.

“We are confident that our team will work closely with all clients to ensure they are welcomed to their new home branch, and that we continue to offer valued advice that meets and is customized to all their financial needs,” RBC said in the statement.

“In addition to mobile banking, online and telephone banking, video client meetings and ATMs, clients will continue to be served by mobile experts including financial planners, investment and retirement planners, mortgage specialists, commercial bankers and small business advisors who will meet with them where most convenient, such as at their homes, at the office or in a branch.”

RELATED STORY: COWICHAN GROUP TARGETS BANKS IN ENVIRONMENTAL PROTEST

Lake Cowichan Coun. Kristine Sandhu said council has not yet met to discuss the bank closure, but she’s a client of the branch and feels sad for the community with its loss, especially Lake Cowichan’s seniors.

“People will have to drive to Duncan to do their banking,” she said.

“I do a lot of my banking online, but many older people like to do their banking in person, and this will be a problem for many of them.”

Kendall Gross, president at Island Savings, assured the people of Lake Cowichan that the credit union remains firmly committed to the community, and its branch there will remain open.

“For generations, Island Savings has been providing personalized financial advice, friendly service and caring support for community causes in Lake Cowichan, and this won’t change,” he said.

“As a division of First West Credit Union, we are proud to provide members with the strength and stability of a large financial cooperative while using our local approach and knowledge to help our communities thrive.”



robert.barron@cowichanvalleycitizen.com

Like us on Facebook and follow us on Twitter

Banking

Just Posted

The Crofton Pool will reopen July 2. (File photo by Don Bodger)
Lifeguard services returning to Fuller Lake Park, Crofton Pool

Summer schedule starting after hiatus in 2020 due to the pandemic

Sierra Acton, regional district director for Shawnigan Lake. (file photo)
New parkland in Shawnigan creating connections

Used to created parking for the popular Masons Beach Park

By protesting uninvited in First Nations’ territories, conservationists are acting in a neocolonial or paternalistic manner, says Huu-ay-aht Chief Robert Dennis. Photo by Heather Thomson
A closer look: do Vancouver Island First Nations support the war in the woods?

First Nations/environmentalist old growth alliance uneasy, if it exists at all

Chris Wilkinson
Chris Wilkinson column: This could be the worst thing done to you during the pandemic

As a result, all of us will contend with more ‘scarcity’ thinking and mindset.

The Crofton trailer park home where the bodies of two people were found. (Photo by Don Bodger)
Mom still waiting for answers after daughter and her fiance found dead in Crofton

Pair discovered dead in their Crofton home in May identified as Rachel Gardner and Paul Jenkins

The border crossing into the United States is seen during the COVID-19 pandemic in Lacolle, Que. on February 12, 2021. THE CANADIAN PRESS/Paul Chiasson
VIDEO: Border quarantine to soon lift for fully vaccinated Canadians

Eligible travellers must still take multiple COVID-19 tests

The price of gas is way up in many parts of Greater Victoria after a Monday afternoon surge sent it to 162.9 cents per litre. (Black Press Media file photo)
Gas prices surge to 162.9 cents a litre at some Greater Victoria stations

Prices jumped up more than 10 cents Monday afternoon

Val Litwin is the latest candidate to declare his bid for the B.C. Liberal leadership. (Litwin campaign video)
Political newcomer joins contest for B.C. Liberal leadership

Val Litwin a former B.C. Chamber of Commerce CEO

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Six United Way chapters around the province are merging into United Way B.C. (News Bulletin file photo)
United Way Central and Northern Island merging with other chapters around B.C.

Money raised in communities will stay in those communities, agency says

Golden Ears Mountains, captured in May 2021. (Black Press Media files)
2nd year of day passes required for entry into 5 provincial parks launches in B.C.

Pilot program seeks to protect the environment by addressing visitor surges amid the COVID-19 pandemic

Lincoln Mckoen. (YouTube)
Anglican bishop of the central Interior resigns over sexual misconduct allegations

Lincoln Mckoen was elected as a bishop of the Territory of the People region last year

The former Kamloops Indian Residential School on the Tk’emlups te Secwépemc reserve. (Allen Douglas/Kamloops This Week)
Tk’emlups preparing for archaeological work at B.C. residential school site where remains found

The 215 graves are, to the band’s knowledge, undocumented deaths for which it is still collecting records

Fans watch the warm-up before Game 6 between the Toronto Maple Leafs and the Montreal Canadiens in NHL playoff hockey action Saturday, May 29, 2021 in Montreal. Quebec’s easing of COVID-19 restrictions will allow 2,500 fans to attend the game for the first time in fourteen months. THE CANADIAN PRESS/Ryan Remiorz
Two-thirds of Canadians say governments shouldn’t lift all COVID-19 restrictions

Poll reports Canadians who gained pandemic weight say they have gained 16 pounds on average

Most Read