Molly would battle with cancer for the next seven years until her passing on June 7, 1984.
For all her hard work and dedication, Molly was presented with many awards throughout her life. In 1977, she was named Woman of the Year by the Beta Sigma Phi Society (a non-academic sorority with members in chapters around the world). This was followed by her being named Red Deer Citizen of the Year by the Red Deer Chamber of Commerce in 1978. In 1983, Molly received the Heritage Nursing Award from the Alberta Association of Registered Nurses. Two days before she passed, on June 5, she was named to the Order of Canada (the country’s highest honor). On October 3, 1984, at the Government House in Ottawa, Molly’s husband and daughter, Joan, accepted the award on her behalf. In recognition of her many achievements and appreciation of her years of volunteer work, Red Deer’s City Council renamed 28th Street to Molly Banister Drive in February 1986.