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CU System
Canadian island loses its only FI with CU shuttered
DEER ISLAND, N.B. (4/7/10)--Residents of a small island in the Bay of Fundy off the coast of New Brunswick have lost their only financial institution after a credit union was shuttered Thursday when it couldn't recover from fraud. The Deer Island Credit Union had been on the island for 28 years but had not recovered from losing $1.7 million to fraud during several years. It had recovered $1.3 million of the stolen funds, but the credit union had difficulty staying profitable, said the credit union's regulator, the Risk Management Agency (CBC News April 6). It will be merged with the Charlotte County CU in St. George so residents can make their financial transactions in St. George or St. Stephen. That means the 1,000 Deer Island residents must take a 20-minute ferry trip to the mainland and then drive another 20 minutes to the credit union. Two employees have been transferred to the mainland branch. The Royal Canadian Mounted Police said the fraud case is closed. An employee suspected of the thefts was never charged and has since died, said CBC News. This isn't the first time residents of a Bay of Fundy island lost their credit union. Last year, Campobello Island's credit union shut down and residents had to endure a 200-kilometre round trip drive that crossed the Canadian-U.S. border four times, said the article.


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