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PostPosted: Sat Feb 11, 2017 11:30 am    Post subject: Reply with quote


Deseronto CIBC closing

By Meghan Balogh, Napanee Guide

Tuesday, February 9, 2016 1:13:41 EST PM

Meghan Balogh/Postmedia Network Jon Kastikainen, senior manager of stakeholder communications and public affairs with CIBC, at a public meeting in Deseronto last Thursday.

DESERONTO - Deseronto residents are angry and disappointed CIBC has decided to close its Deseronto branch.
Local residents made their feelings clear at a public meeting where local and regional CIBC staff were on hand to answer questions about the projected August 2016 closure of the bank.
Many wanted to know if the decision was final.
“The branch will close. There is nothing else we can do,” said Jon Kastikainen, senior manager of stakeholder communications and public affairs with CIBC.
Kastikainen offered some information about how residents can access their accounts at the Napanee branch, which will be transferred automatically, or request transfer to a different branch such as Belleville.
Approximately 80 residents filled the Deseronto Legion hall to attend the meeting late last week. Many wanted to know if CIBC would place an ATM in the CIBC bank building, which they own.
“It’s not something we can do at this time,” said Kastikainen.
Residents became increasingly frustrated during the meeting as they realized there was no intention of consulting the public about ways to boost business at the bank, but that the meeting’s sole purpose was to answer questions about branch transfer details. A few residents presented their belief the decision had been made solely based on “corporate greed.”
“Your CEO makes over $10 million a year,” shouted one resident.
Deseronto town councillor Trish Dickinson expressed her disappointment at how the company chose to exit the community.
“From what I have read regarding a closure, there was supposed to be a community consultation before a closure was decided,” said Dickinson. “I wasn’t consulted, I know our council wasn’t consulted, I know our residents weren’t consulted. Who did you consult before this decision was made?”
“Certainly part of the process when we do go through one of these closures, we send out letters to you folks and encourage you to write in, as well as attend this meeting, if you have any input,” said Kastikainen. “I do take what we hear here tonight back to head office, as well. We did meet with a couple of members of council and the town CAO.”
“I’m a member of council, and nobody consulted us before the decision,” countered Dickinson. “We were told the decision was made. I don’t think that’s right, morally, and I don’t know about the legalities of it. Morally, it’s wrong. I will not be moving to Napanee (branch), I will be moving my mortgage and RRSPs, every bit of money I have with CIBC. You have no faith in my town, so I have no faith in you.”
Kastikainen said he’d take the information back to the CIBC higher-ups.
Deseronto Mayor Norm Clark stood in solidarity with the community’s feelings around the matter.
“I agree with probably 99 per cent of the people here tonight,” said Clark. “We got the news in December, which came as a complete shock to us. We had no inkling this was going to happen.”
According to Clark, CIBC has been operating in Deseronto for more than 75 years.
“It’s the heart and soul of the community,” said the mayor. “Being on council, our dealings with the CIBC have been extremely good over the years. For CIBC to come in now and say that they’re closing the doors, I just don’t understand, to be quite honest with you. I don’t think closing Deseronto is going to make much difference to the profit that CIBC makes over the course of a year. You have 95 per cent of our community want you to stay. My question to you is: is there anything that we can do to convince you to stay in Deseronto, or are you all just down here with lip service?”
Kastikainen told the audience Clark had done “a great job advocating for your community.”
“Unfortunately, when it comes to the branch here, there’s nothing that we can do,” he said. “If there is a viable business that is secure enough and it makes logistical sense in its location, an ATM is something I might be able to take a look at, to allow people to get cash if they needed it. Dependent on if we can find a location that is secure enough.”
Rick Phillips is the Reeve of Tyendinaga Township and Warden of Hastings County. He spoke near the end of the meeting.
Phillips said the municipality “is going to suffer” because of the bank’s decision, and that without a bank in Deseronto, the town will lose a major tourism draw for boaters and fishermen travelling up the Bay of Quinte.
“What happens when Americans come here for fishing or ice fishing? No bank. They’re going to go fish in Napanee or in Belleville.”
Phillips said, as warden, he will try to sway CIBC’s decision.
“Hastings County will write a letter to headquarters. The Mohawks will be part of that, Deseronto will be part of that, Lennox and Addington County will be part that, even Prince Edward County.
“At the very least we will talk to our MP and our MPP to see if anything can be done,” he said. “At least the attempt will be made.”


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PostPosted: Sat Feb 11, 2017 11:32 am    Post subject: Reply with quote

BMO closes Sault branch

By Brian Kelly, Sault Star

Saturday, January 21, 2017 8:19:23 EST AM

Bank of Montreal logo

Bank of Montreal's Korah Road branch is closing after nearly 60 years of operation.

Friday was the last day the bank was open. Customers received written notice the branch would close last summer, said BMO spokesperson Ralph Marranca.

The bank's lease was up in July.

“That simply presented an opportunity for us to consider what's the best way to deliver an exceptional customer experience,” Marranca told The Sault Star.

Customer accounts are being moved to BMO's branch at Cambrian Mall on Great Northern Road. That location, said Marranca, offers better parking and more hours of operation. The mall branch is open Monday to Wednesday and Friday 9:30 a.m. to 5 p.m., Thursday 9:30 a.m. to 6 p.m. and Saturday 9:30 a.m. to 4 p.m.

“I'm told that the customer response has been very positive,” said Marranca. “Most customers have already made the transition.”

The Korah Road branch, opened in 1958, employed about six. Several have moved to Cambrian Mall.

Renovations are planned for the Cambrian Mall branch. A timeline for when that work will be done couldn't be confirmed by Marranca.

“We're looking at the branch of the future – an appropriate mix of technology and the human touch,” he said.

An automated teller machine at the Korah Road branch was moved to Metro at Market Mall on Second Line West. It started operation Jan. 16.

Bank of Montreal is an original tenant at Cambrian Mall. That branch replaced an earlier location at Pine Plaza that opened in 1963.

Bank of Montreal also has a branch at 556 Queen St. E.

BMO has more than 1,500 branches in Canada and the United States. Bank of Montreal (TSX: BMO) closed at $98.60 on Friday. The bank's share price has ranged from $68.65 to $98.90 in the last 52 weeks.

Several banks have closed Sault locations in the last six years.

TD Canada Trust shuttered its Market Mall location in November 2015.

Royal Bank closed a branch on Wellington Street West in 2011 after a century of operation.

HSBC Bank Canada plans to close its lone Sault operation, on Queen Street East, in February


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PostPosted: Sat Feb 11, 2017 11:34 am    Post subject: Reply with quote

Historic uptown Saint John bank to close doors early next year

Customers can still use online, telephone banking, as well as Fredericton branch

By Julia Wright, CBC News Posted: Sep 16, 2016 12:49 PM AT| Last Updated: Sep 16, 2016 2:35 PM AT

The HSBC branch at 7 Market Square opened in November 1996 and it is slated to cease operations in January 2017.

Saint John customers with HSBC will be forced to find a new bank or have their accounts switched to Fredericton after the financial institution announced it was closing its only location in the city early in 2017.

"We continually review our products and services to keep up with changes in the banking environment," read a notice posted at the bank.

"After careful consideration, we will be closing this branch."

The HSBC location at 7 Market Square will cease branch operations as of Jan. 20, 2017.

Once the branch closes, counter services including cash transactions, foreign currency exchange and bank drafts will no longer be available.

The branch of record for current HSBC Saint John customers will be changed to the location in Fredericton.

The branch has operated at the location since November 1996.

Before that, the Saint John branch was on Crown Street.

The distinctive, curved sandstone building, which fronts partially on Saint Patrick Street beside City Hall and is linked to Market Square by the pedway, is also home to a sports bar and a dental clinic.

As far back as 1917, the site housed the Bank of British North America.

HSBC apologizes for inconvenience

In the letter, Norma Despaigne, the bank's manager in Saint John, also apologized for the inconvenience, acknowledging the change "may not meet all [customers'] banking needs."

Customers will still be able to withdraw cash and check balances at ATMs on the The Exchange network, which links thousands of ATMs at various Canadian institutions.

Mortgages, term deposits and other products can be maintained via telephone banking. Those with a safety deposit box at the bank are asked to consult with bank staff.

HSBC serves more than 47 million customers and has 6,000 offices worldwide.

Representatives at the branch were unable to comment on the closure.


Joined: 02 Mar 2009
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PostPosted: Sat Feb 11, 2017 11:36 am    Post subject: Reply with quote

might of went a bit crazy with posting articles about bank closures but there was just so many of them , all over Canada its rather shocking to read about them all

the reasons just don't make a lot of sense when these banks are making so much money , how can one of the most profitable companies in Canada ? the TD bank claim it needs to close small town branches to save money ? its making billions , it makes no sense and is down right insulting to the people who have used these banks and live in the small towns effected
Progressive Tory

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PostPosted: Sat Feb 11, 2017 3:38 pm    Post subject: Reply with quote

The town off Burin is trying to save their Scotia Bank. It has been in the town since 1910 and is salted to close in June.

There have been other stories like this in NL over the last few years too.

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PostPosted: Sun Feb 12, 2017 10:37 am    Post subject: Reply with quote

Progressive Tory wrote:
The town off Burin is trying to save their Scotia Bank. It has been in the town since 1910 and is salted to close in June.

There have been other stories like this in NL over the last few years too.

I didn't see any articles from Newfoundland but there was literally so many articles about banks being closed I could barely read thru them all . I did see some from New Brunswick and PEI

as to what can be done about this I came up with some ideas

1- declare banks that service communities that are 50km or 100 km away from any other banks " essential services " and make it much harder for banks to close them if they are the only bank in town

2- increase banking regulations and make it more difficult for banks to close banks if they are the only bank in the area , have it so they must prove a strong case before they can proceed with a closure / merger

3- provide tax credits or tax cuts for smaller less profitable banks in smaller town and remote communities

Joined: 02 Mar 2009
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PostPosted: Sun Feb 12, 2017 1:20 pm    Post subject: Reply with quote

( here is the Burin bank article )

Burin Bank Closure Causing Undue Hardship to Town: Council

February 3, 2017 | 5:45 amLast Updated:February 3, 2017 | 6:53 am

The Town of Burin is seeking a meeting with representatives of Scotiabank regarding their plans to close the Burin branch in June. Burin council says the move is unwarranted, causing undue hardship to residents and businesses.

In a news release issued Thursday, Council said residents and businesses are angry with Scotiabank, and they feel abandoned following decades of loyalty.

Mayor Kevin Lundrigan said the phone call he received left him and council in a state of shock and disbelief.

Council says the loss of Scotiabank, which has been in Burin since 1910, will have a huge negative impact.


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PostPosted: Sun Feb 12, 2017 1:22 pm    Post subject: Reply with quote

Burin Losing Scotiabank after a Century in Business

January 19, 2017 | 11:06 amLast Updated:January 19, 2017 | 7:37 pm

The Town of Burin which has been served by a Scotiabank for over a hundred years is among several branches throughout the province slated for closure later this year.

Word is spreading through the town is that the branch will close its doors on June 7th.

There are currently three Scotiabank branches on the Burin Peninsula including Marystown and Grand Bank. The Burin branch will be replaced by an automated teller machine.

Concerns are being raised especially among seniors who do not have transportation to the nearest branch in Marystown which is more than 12 kilometers away. Businesses using the branch facility for night deposits and other financial services are also concerned about the change.


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PostPosted: Sun Feb 12, 2017 1:25 pm    Post subject: Reply with quote

Scotiabank's Q4 profit up 9%, to $2.01 billion

The Canadian Press Posted: Nov 29, 2016 6:58 AM ET| Last Updated: Nov 29, 2016 2:59 PM ET

Scotiabank is reporting a nine per cent increase in fourth-quarter net income, compared with the same time last year.

Scotiabank is reporting a nine per cent increase in fourth-quarter net income, compared with the same time last year, with a slight decline in provisions for credit losses and strong operating performance in its main business segments.

It had $2.01 billion of net income for the three months ended Oct. 31, up from $1.84 billion a year earlier. That amounted to $1.57 per share, up eight per cent from $1.45 per share in the fourth quarter.

Net income at the Canadian business segment was $954 million, up from $837 million a year earlier. The international segment had $619 million of net income, up from $564 million. Its global banking and capital markets segment had $461 million of net income, up from $325 million during the comparable period last year.

For the full 2016 financial year, ended Oct. 31, Scotiabank had $7.37 billion of net income, or $5.77 per diluted share, up from $7.21 billion up from $5.67 per share in fiscal 2015.

Royal Bank will report its results on Wednesday, followed by CIBC and TD Bank on Thursday. Bank of Montreal will wrap up the earnings parade on Dec. 6.

Credit losses fall

Scotiabank's provision for credit losses was $550 million, down $1 million from a year earlier. For the full year, provisions for credit losses totalled $2.41 billion, up from $1.94 billion in fiscal 2015, with all of the increases in the first two quarters.

The bank's chief risk officer Stephen Hart said he's confident that the bank has moved past the key issues surrounding the decline in crude prices.

"Our good results were achieved alongside a focused effort to advance the bank's strategic agenda including investments in digital capabilities to drive an even greater customer experience and more efficient operations," Scotiabank president and CEO Brian Porter said in the bank's announcement.

In a phone call with analysts, Porter dismissed fears that president-elect Donald Trump's antagonism to Mexico and NAFTA will hurt its economy..

"It would appear the market is discounting a bigger impact to Mexico than we believe is realistic," he said.

"We remain confident in our medium-term growth objectives to Mexico, and we will continue to actively and prudently manage our businesses. We remain committed to the bank's overall medium-term objectives, including those for both international banking and the Pacific Alliance that we provided at our investor day in Mexico City."

The Toronto-based bank recorded $278 million in restructuring charges in its fiscal second quarter, as it took a number of initiatives across the organization — including work on digital technologies.

Scotiabank's revenue for the fourth quarter was $6.75 billion, up from $6.13 billion. For the full year, revenue was $26.3 billion, up $2.3 billion from fiscal 2015.

Moves into Apple Pay

During the summer, it began to offer Apple Pay — a form of electronic payment through Apple devices — for its credit and debit cards.

It also teamed with Atlanta-based Kabbage to begin offering an automaker loan process to existing business customers in Canada and Mexico.

Kabbage uses data analytics to determine a borrower's creditworthiness in minutes, removing the need to visit a bank branch, fill out paperwork and wait days for a decision.

At the end of October, Scotiabank had 3,113 branches worldwide, down 13 from the end of July and down 64 from the end of October 2015. The number of employees stood at 88,901, up from 88,783 at the end of July and down from 89,214 at the end of the 2015 financial year.


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PostPosted: Fri Feb 17, 2017 1:15 pm    Post subject: Reply with quote

( news of at least 11 rural communities in Saskatchewan that will be losing either a CIBC or RBC branch this year )

Rural banks closures irk residents

Ashley Robinson, Regina Leader-Post
More from Ashley Robinson, Regina Leader-Post

Published on: February 14, 2017 | Last Updated: February 14, 2017 7:01 AM CST

The rumours circulating Radville in January all focused on the same thing — was the CIBC closing? At the end of the month it was confirmed. CIBC informed the town the bank would be shuttered on July 13.

Radville isn’t the only community set to lose its CIBC branch this year. According to the bank’s website branches in Stoughton, Hafford, Turtleford and Norquay will also be closing this year. Meanwhile, RBC plans to close six locations in Saskatchewan this year, including the Wawota branch in May.

“The situation’s not kind of unique to RBC. It’s things that are happening across the industry and across all industries if we think about online shopping and some of those other pieces,” said Ed Kaulbach, regional vice president for RBC for South Saskatchewan.

Both RBC and CIBC say the reasons for closing these branches is the changing banking environment. More people are choosing to bank online rather than visit the physical branches.

“The heart of the matter is clients are choosing to bank different and choosing to connect with us differently than they had in the past, both inside their community and outside their community,” Kaulbach said.

In rural communities this switch worries some customers, especially given a lack of high-speed Internet access in some places. Lorraine Lansdell has been a member of the Radville CIBC for around 40 years and for her the idea of being forced to bank online is not appealing.

“We have no high-speed Internet when it comes to the rural communities, so they don’t have that opportunity to do that. (The banks) claim that the reason for their closing is because of online banking, but that’s a real poor reason,” she said.

Lansdell owns a catering business and her husband is paid by cheque. If the couple stays with CIBC they will be forced to regularly drive to Weyburn, half an hour away, to cash cheques. Lansdell could use a feature that allows users to deposit cheques using their smartphones, but the money isn’t deposited immediately.

Due to the CIBC closure Landsell says she is forced to transfer her accounts to the local credit union.

“CIBC is not taking into consideration the feelings of the community, the feelings of the people and how it will affect the people,” she said.

In Wawota the situation is much the same with the upcoming RBC closure. The community has had meetings with RBC representatives.

“(RBC) stands to lose a lot of wealth and I just think they just feel that we’re stupid enough that we’re just going to continue to use them without them being a part of our community,” said Shannon Houff, president of the Wawota Business Enhancement Group.

Houff owns Front Porch Interiors in Wawota, an interior design and furniture store. Some of her customers pay her by cash or cheque. She too is making plans to move her accounts to the local credit union.

“I need cash in my store, you want me to drive an hour. Last time I checked cash is still important. Last time I checked people want cash,” she said.

If Houff doesn’t move her accounts she would have to use the only remaining ATM in the town at the credit union and be charged extra to get cash.

Stoughton is also facing the upcoming closure of its CIBC in March. Bill Knous, the mayor of the town, is confused by the bank’s choice, stating business has been growing in town and that there are potential plans to build a refinery there.

“Our population is not down, so I don’t know what they want. I will definitely look for some bank to be taking care of this town. I just can’t believe they’re doing this,” he said.

Knous has already closed his accounts with the CIBC and moved them all to the local credit union. As mayor he says he be will be trying to find another national bank to open a branch in the community.


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PostPosted: Fri Feb 17, 2017 1:30 pm    Post subject: Reply with quote

( another rural bank closure in Carman Manitoba , the TD bank is leaving )

Carman TD Bank Location Closing

 Category: Local News  Published: Thursday, 16 February 2017 14:26  Written by Candace Derksen/Dean Penner

The Carman TD Bank location. Photo taken by Tyler King.

Residents in Carman and area will have one less banking option. The TD bank branch will close its doors for good later this summer after serving the community since 1976.

Dean Paddock, Manager, Corporate & Public Affairs for TD Bank, says an overall decline in how the Carman branch is used for everyday transactions led to the decision to close.

"We've made the difficult decision to merge this location with our branch in Portage la Prairie. The new branch has more parking, longer hours and is open 6 days a week," said Paddock. "We will work with our customers and businesses to try to make this transition as easy as possible to the new branch and to continue using all the banking options available to them like ATM, phone and internet banking."

Kate Petrie, president of the Carman and Community Chamber of Commerce, said she was shocked by the news.

"I know that's a strong word, but it's a real disappointment when we see a business, that we normally consider to be a stable business, closing its doors."

Petrie says the decision means, not only the loss of a banking service in town, but the loss of several jobs as well.

"I think its going to cause a little bit of a stir for the people who bank there because they are now going to have to move with them to Portage or find another local financial institution to do their banking at. It's also very sad for those losing their jobs who will now have to find another job in the community. It's also, unfortunately, another empty building for us on Main Street."

A total of 4 jobs will be lost when the Carman TD branch closes on August 18.


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PostPosted: Fri Feb 17, 2017 1:32 pm    Post subject: Reply with quote

Norquay CIBC Banking Centre to close in June

Kamsack Times February 13, 2017 03:52 PM

CIBC’s Banking Centre in Norquay will be closing on June 23, which is about 18 months shy of the branch’s centennial. “Any time we look at closing a banking centre, it’s a decision that we take very carefully,” said Jon Kastikainen, senior manger of the bank in Toronto. “In the case of our Norquay Banking Centre, we have seen low business volumes, which have been declining in recent years.

“We will be transitioning our clients to our Canora Banking Centre for their banking needs, and our team in Norquay will be available in person and by phone to assist clients with their individual needs during this transition,” Kastikainen said. “While many clients in Norquay are already banking online or by phone, our team will be spending time with clients in the coming weeks to help them learn more about these options for their everyday banking.” A community meeting will be held on March 2 at the Royal Canadian Legion in Norquay, where leaders from CIBC will be on hand to answer questions and discuss alternative banking options for clients, he said.

The Banking Centre building will be put up for sale on the open market to allow all interested parties an opportunity to purchase the building, he said, adding that there are currently five employees working at the Norquay Banking Centre. “We are working with them on options available within the CIBC network,” he said. The CIBC Norquay Banking Centre first opened on December 4, 1918. Currently the Norquay area is being served by the Norquay branch of Affinity Credit Union. -

See more at: http://www.kamsacktimes.com/ne.....fMsSZ.dpuf
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why are so many rural and small town banks being closed ?

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