by Glenn Taylor
Northern News Services

INUVIK (Nov 14/97) - The local Bank of Montreal is not about to close, despite reports to the contrary.

Branch manager Erin Bloomer told the Drum last week that employees were told recently the bank may close, due to Inuvik's declining economic state.

Rumors soon swirled that the bank was indeed going to close, and Bloomer noted some local residents closed their accounts and moved next door to the CIBC.

"At first, there was talk we would close," said Bloomer. "Now it looks like there may just be some cutbacks to staff. The latest is that there might not be any cutbacks at all. We just don't know."

Bank headquarters officials are due in town this week to discuss the issue with Bloomer further. What cuts if any to the local branch will be determined then, she said.

The Bank of Montreal is undergoing a national restructuring to improve its efficiency and profitability, said Bloomer. The banking business has traditionally had a tough time in the North, said Bloomer, because customer rates are set nationally, and do not reflect the higher costs of doing business in the North.