Release re: CIBC Announced Closure 2019

Posted on November 15, 2018

As many residents are now aware, CIBC has announced that it will be closing the local Terrace Bay Branch as of August 15, 2019 at 5pm.  The Township received official confirmation via letter to Mayor Davis on Nov. 13, 2019.  According to the letter, the branch (including banking records and accounts) will be relocated to the Thunder Bay Banking Centre at 1038 Memorial Ave, Thunder Bay.  It is our understanding that the Terrace Bay closure includes removal of the ATM machines.

The letter also states that while the decision to close is finalized, CIBC will be hosting a Community Information Meeting on March 28, 2019, from 7pm to 9pm at the Michael King Hall at 13 Selkirk Ave., Terrace Bay.  The purpose of this meeting is provide an open forum at which clients and the community can meet with representatives of CIBC to exchange views and concerns, and discuss any proposals on how the impact of the Banking Centre’s relocation might be reduced.

The loss of this service is very significant and will negatively affect businesses and residents alike in Terrace Bay, as well as the surrounding region.  Mayor Jody Davis has contacted Thunder Bay—Superior North Member of Parliament, Patty Hajdu and Thunder Bay—Superior North Member of Provincial Parliament, Michael Gravelle to seek their assistance and support, in addition to other local and regional leaders (Northern Ontario Municipal Association & the Thunder Bay District Municipal League).

Click here to view the complaint-handling process for the Canadian Imperial Bank of Commerce (CIBC), as described on the FCAC’s website.

What else can be done?

Anyone can contact the Financial Consumer Agency of Canada (FCAC), which has the authority to ask CIBC to hold a formal meeting between the bank, representatives of the FCAC and interested parties in the vicinity of the Banking Centre, in order to exchange views about the closure of the Banking Centre. The FCAC may require the bank to hold such a meeting if the bank has not consulted the community in the area affected by the closure well enough to ascertain the views of interested persons in the community with regard to the closure, or an individual or community representative from the area affected by the closure has submitted a written request for the meeting to the FCAC, and that request is not frivolous or vexatious. For more information you can contact the FCAC at 1-866-461-FCAC (3222) or Visit www.fcac-acfc.gc.ca